Gold Prices August 21, 2015, Technical Analysis

Gold markets rallied during the session on Thursday, but found trouble at the $1150 level. This was an area that has been rather supportive in the past, so it makes sense that this market would find resistance here. We are waiting to see whether or not we get a resistive candle that we can start selling as the market is not only negative overall, but is far overbought at this point in time. We believe that the sellers will continue to pushes market lower given enough time, as the US Dollar Index is finding quite a bit of support currently.