Gold Forecast July 29, 2016, Technical Analysis

Gold markets initially rallied during the course of the day on Thursday but found enough resistance above the $1340 level to turn things around and form a shooting star. The shooting star of course is a negative sign, but I believe we are simply going to pull back and try to find some type of momentum building buying, as we have shot so high off of the $1320 handle. With this, I believe we are so if we trying to build up the momentum to continue to go higher, and a break above the top of the shooting star would also be a buying opportunity. With this, I believe that gold continues to go higher.

Having said that, do believe that the $1300 level is still be “floor” in this market, and that we are pulling back in order to build up momentum? Or, do believe that we’re getting ready to turn negative due to the shooting star today?