Gold Bounced off from $1,345

Gold has been very bullish for the past month or so but the precious metal finally reached a significant resistance at $1,345 and bounced off from it. What is more, it also formed a pair of very telling candlesticks below that level – a shooting star candlestick and a hanging man candlestick, both on the daily time-frame below the aforementioned resistance level. Currently Gold is testing the support at $1,330 and if it breaks out below it the move to the downside will probably continue towards the support at $1,315, which is the (MA)89 indicator on the four-hour time-frame. A breakout below that support in turn will probably lead to a further move to the downside towards $1,300.