Gold Could Not Break Above the Strong Monthly Support at 1280 – 1300

It has been four weeks since Gold began falling, the previous metal has fallen with almost $100 and at the moment it is at the strong support around 1200 that can be seen on the weekly time frame.

If we examine the monthly time frame we can conclude that the previous metal will continue falling at least until it reaches 1170 - 1160, which is another strong support level visible on this time frame.

If the pair succeeds in breaking below this zone of support (between 1200 and 1160) then the move to the downside will continue to 1050. On the other hand, if it cannot break below the support zone there will be a new move to the upside.