Gold Bounced off from $1,270

Last Friday the fundamentals prompted a significant move to the upside for Gold and the precious metal broke out above the resistance at $1,263 and the triple top that it had formed around that level, reaching a new high at $1,270 but it could not continue moving to the upside, bounced off from the aforementioned resistance at $1,270 and formed a rather spectacular shooting star candlestick on the daily time-frame. Today the move to the downside continues and Gold will likely soon test the support at $1,243, which coincides with the (MA)89 on the four-hour time-frame. A breakout below that support will likely lead to a further drop towards $1,230.