Gold Prices December 31, 2015, Technical Analysis

The gold markets fell during the course of the session on Wednesday, reaching towards the $1060 level. As you can see, we are in the middle of the overall consolidation area that the gold markets have been trading in for some time now, and we believe that a break below the bottom of the range for Wednesday should send this market looking for the $1050 handle. We believe that rallies are selling opportunities as well, and have no interest in buying gold until we break above the $1100 level, something that isn’t going to happen anytime soon. Once we get back from the holidays, this market should continue to be bearish.