Gold Is No Longer Consolidating

Much like Silver Gold has been consolidating sideways for two months now and despite the appearance that the precious metal had formed a double bottom at $1,260 it finally broke out below that support and continued moving to the downside. What is more, Gold also effortlessly broke out below the support at $1,255 which coincided with the (MA)89 indicator on the weekly time-frame and continues falling even now. Considering how bearish Gold is it will probably reach the closest support at $1,240 - $1,230. The question is whether it will continue dropping after that. If it does next target will probably be around $1,200 and a breakout below that support could lead to a further move to the downside towards $1,180.