Gold Continues Falling

Gold has slowly been moving to the downside for the past two weeks, apart from a relatively short sideways consolidation above the support at $1,260 that it broke out below yesterday. The move to the downside is unsurprising, considering the impressive hanging man candlestick that the precious metal formed on the weekly time-frame at the resistance at $1,295. Gold continues to be very bearish and it will likely keep falling towards the closest support level, which is at $1,241 and coincides with the (MA)89 indicator on the daily time-frame. Should it manage to break out below that level as well, there will likely be a further move to the downside towards $1,200.