Gold Will Likely Keep Falling

The hammer candlestick formed under the resistance on the daily filter chart did indicate a drop indeed and the price of Gold fell to 1183.90, even though it had to test the support at 1193.20 for a while. Considering what I am seeing on the weekly filter chart – a doji candlestick right under the resistance at the 1212.15 level – I think Gold will continue dropping at least until it reaches target 1140.50, where there is a very serious support level. It has tested this support level many times and up to now it has never managed to break below it, so only time will tell whether it will succeed now.