Gold Prices August 20, 2015, Technical Analysis

Gold markets broke higher during the course of the session on Wednesday, clearing the most recent high that we have seen. With this, it appears that the market should continue to go higher in the short-term, perhaps testing an area that was massively supportive in the past, the $1150 level. With this in mind, we are bullish of this market short-term, but do not have any designs on holding this market for any real length of time. We believe that somewhere near the $1150 level, the sellers will come back to the marketplace and push gold lower.