Gold Forecast August 10, 2015, Technical Analysis
The gold markets initially fell during the session on Friday, but bounced enough to reach towards the 1100 level. With this, we believe that the market continues to consolidate overall. We are looking for selling opportunities on short-term charts as we should reach down towards the 1080 handle given enough time, and as a result we are bearish of this market overall. Even if we broke out to the upside, there’s more than enough resistance above the 1150 level to start selling again. Ultimately, this market should then head down to the 1000 level.