Gold Prices August 17, 2015, Technical Analysis

The gold markets initially tried to rally during the course of the session on Friday, but found enough resistance above at the $1120 level in order to turn things back around and form a shooting star. With this, the market looks as if it is ready to continue going lower, perhaps heading down to the $1100 level next. We are sellers on a break below the bottom of the candle from Friday, or any rally at this point in time that show signs of exhaustion as the markets certainly are in a massive downtrend overall.