Gold Found Some Support

Gold has been depreciating sharply ever since it broke out below $1,280 and the trend remains quite bearish, but the precious metal did find some support at $1,211. What is more, it also formed a spinning top candlestick above that support on the four-hour time-frame and bounced off from it. Gold has also formed another spinning top candlestick as well as a hammer candlestick on the daily time-frame above the same level, indicating a likely retracement to the upside before it continues falling. Next target is probably around $1,235, and if it breaks out above that level it could continue moving to the upside towards $1,242, which is the (MA)89 indicator on the four-hour time-frame.