Gold Is Testing $1,280

After Gold formed a shooting star candlestick on the daily time-frame and bounced off from the resistance at $1,357 the precious metal gradually moved to the downside and it finally reached its target the support at $1,280, which coincides with the (MA)89 indicator on the daily time-frame. Currently Gold is testing that support and considering how bearish it is it may break out below it after all. Should that happen, next target will probably be at the next major support level, which is at $1,250, which in turn is the same (MA)89 indicator, but on the weekly time-frame. On the other hand, should the precious metal bounce off from $1,280 it will probably retrace back to $1,300.