Gold Bounced Off from $1,295 Again

Gold has been slowly moving to the upside for the past few weeks and it once again reached the resistance at $1,295. The question is whether it will finally succeed in breaking out above that level and continuing moving to the upside above $1,300 as well or it will form a double top at $1,295 which is very obvious on the weekly time-frame. So far the precious metal is retracing from the aforementioned high after forming a hanging man candlestick on the four-hour time-frame. Its next target will likely be at $1,270, which coincides with the (MA)89 indicator on the same four-hour time-frame. That said, nothing will likely be certain until the results of the general election in the UK come out later today.