Gold Bounced off from $1,244

Gold broke above the resistance at $1,230 which coincided with the (MA)89 indicator on the weekly time-frame and continued moving to the upside, forming a new high at $1,144. At that level the precious metal found a resistance and formed a double top on the four-hour time-frame before it started retracing, even sliding below the $1,230 level again. Whether that move to the downside will continue remains to be seen because it has formed a spinning top candlestick above the support $1,220. Should Gold continue climbing it will likely reach the closest resistance at $1,230 yet again. On the other hand, if the move to the downside continues Gold will likely descend to the (MA)89 indicator on the four-hour time-frame, which is at $1,216.