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Gold Analysis 17 ,July 2015

Source: FXEMPIRE

Gold markets fell during the session on Thursday, but found enough support below to turn things back around and form a bit of a hammer. Because of this, the market looks like it could bounce from here but we think there’s more than enough resistance above to keep the market from going too much farther to the upside. Quite frankly, we feel that looking for resistive or exhaustive candles on short-term rallies will probably be a great way to start selling gold yet again. At this point in time, if we break down below the bottom of the hammer for the session on Thursday, we feel gold will probably drop to the $1100 level.

Gold Chart

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