Gold Found Some Resistance at $1,357

The way Gold rallied after it finally broke out above the long-term resistance at $1,300 has been nothing short of impressive, although it was not surprising, due to the recent rhetoric between the USA and North Korea.

Gold finally found some resistance today at $1,357 and bounced off from that level after forming a shooting star candlestick on the one-hour time-frame. The retracement continued to the support at $1,342 and the precious metal is still testing that level. Should it manage to breakout below it, the move to the downside will likely continue towards $1,330, which is the last low. That said, the overall bullish trend is clearly not over yet, and once this retracement ends the rally will probably continue, especially if there’s a breakout above $1,357 - $1,360.