Gold forecast for the week of August 17, 2015, Technical Analysis

Gold markets rally during the course of the week, but sold off late as the market gave up about half of the gains. With this, it appears that rallies will continue to be selling opportunities, and we still recognize of the $1150 level above is massively resistive. We have no interest in buying gold from a longer-term perspective, and as a result we are looking for resistive candles in order to start selling yet again. We believe that the market is still targeting the $1000 level, and as a result we remain bearish.