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Gold Prices August 5, 2015, Technical Analysis

By:
Christopher Lewis
Updated: Aug 5, 2015, 05:05 UTC

Gold markets did very little during the day on Tuesday, but the one thing that we did see was a significant bounce off of the $1080 level. Granted, we are

Gold Prices August 5, 2015, Technical Analysis

Gold markets did very little during the day on Tuesday, but the one thing that we did see was a significant bounce off of the $1080 level. Granted, we are still well within consolidation, but at the end of the day we feel that this just shows that the market is ready to grind sideways even further. With this, we feel that the market ultimately will break down, but we may need to bounce first in order to do so. We have a longer-term goal of $1000, so we look at any rally as a potential selling opportunity going forward.

 

Gold Prices August 5, 2015, Technical Analysis
Gold Prices August 5, 2015, Technical Analysis

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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