Gold Prices August 6, 2015, Technical Analysis

Gold markets did very little during the session on Wednesday, but did show that the $1080 level to be supportive. With that being the case, the market looks as if it is going to continue to consolidate between the $1080 level on the bottom, and the $1100 level on the top. Ultimately, the market will break out, but we think it won’t be until we get the jobs number on Friday. Because of this, we would look for short-term range bound trading opportunities, but that’s about it at the moment. We are much more comfortable selling though, all things being equal.