Gold Forecast October 6, 2014, Technical Analysis

The gold markets fell hard during the course of the day on Friday, as the nonfarm payroll numbers came out higher than anticipated. With that, the market should drop down to the 1000 level given enough time, and we believe that each time this market rallies, sellers will step in and push the value of gold down. With that, we are very bearish of the gold markets, and believe that the US dollar will continue to strengthen over time. Because of that, moderately markets, especially the gold markets, will continue to be very bearish.