Gold Prices November 10, 2015, Technical Analysis

Gold markets initially tried to rally at the open on Monday, but turned back around and form a bit of a shooting star. While this is very negative, the reality is that there is a bit of support between here and the $1080 handle. With that, we believe that short-term rallies might be used to sell the gold market, but quite frankly once we get above the $1080 level, that’s when we feel it’s easier to short this market. At that point in time, we think that the gold markets will then grind lower towards the $1000 level.