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Gold Prices August 17, 2015, Technical Analysis

By:
Christopher Lewis
Updated: Aug 15, 2015, 05:08 GMT+00:00

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

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.

 

Gold Prices August 17, 2015, Technical Analysis
Gold Prices August 17, 2015, Technical Analysis

About the Author

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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