Gold Might Start Falling Again

Gold has been steadily moving to the upside ever since it bounced off the support at $1,196 and it almost reached the previous high at $1,263, but stopped at $1,261 and for the past few days it has been consolidating sideways below that level, forming a spinning top candlestick and a shooting star candlestick on the daily time-frame. Considering these candlesticks and the possible double top that has formed, it is quite possible for a new move to the downside to begin. Should that happen, the closest target is at $1,224, which is the (MA)89 indicator on the daily time-frame. On the other hand, if Gold finally breaks out above $1,263, the move to the upside towards $1,300 will likely continue.