Gold Found Some Resistance at $1,263

After a steady move to the upside that lasted for well over a week Gold finally found some resistance at $1,263, bounced off from that level, formed not one but two shooting star candlesticks on the daily time-frame and started falling. The closest target of this move to the downside is likely around $1,235 - $1,230, and a breakout below that level will likely lead to a further move to the downside towards the next support, which is at $1,220 and coincides with the (MA)89 indicator on the daily time-frame. Whether this is the end of the overall upward trend remains to be seen, however, because Gold remains very bullish on the larger weekly and monthly time-frames.