Gold Prices August 13, 2015, Technical Analysis

Gold markets initially fell during the day on Wednesday, but found enough support at the $1100 level to turn things back around and shoot much higher. With that, we feel there is more than enough resistance above to keep this market down though, so we don’t have any interest in buying for any real length of time. Short-term buying opportunities may persist, but that’s about it. Ultimately, we feel that the $1150 level will be resistive, so we will be much more aggressive on a resistant candle in that general vicinity. This could just simply be a bit of a relief rally.