Gold Bounced off $1,300 Again

Gold bounced off from the support at $1,267, which coincides with the (MA)89 indicator on the four-hour time-frame after forming a double bottom at that level, and continued moving to the upside, testing the resistance at $1,300 yet again. The precious metal could not break out above that crucial resistance once again and after forming a distinct shooting star candlestick on the aforementioned four-hour time-frame it started falling. What is more, Gold is also in the process of forming an impressive shooting star candlestick on the daily time-frame. If that candlestick closes as it is – or almost as it is – now, that would be a very telling signal for a further move to the downside, likely towards the next support around $1,270 -$1,365, i.e. towards the same (MA)89 indicator on the four-hour time-frame it bounced off from to begin with.