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Fan Yang

Gold Pressing at the 2013-2014 Lows

Gold and other commodities priced in the USD fell on Friday. The NFP data showed 248K jobs being added in September while the unemployment rate fefll to a 6-year low of 5.9%. 

(Gold (XAU/USD) Daily Chart 10/6)

When we look at the daily chart, we can see that the reaction was quite dramatic, and might signal a bearish consolidation. As price leaves a choppy area above 1210, we should anticipate this area to be resistance for a subsequent pullback. A break above 1240 however could be a sign of a bullish correction scenario.

Meanwhile, price is still bearish as we can see in the daily chart. This bearish outlook is now pressing on the 2013-2014 lows as we can see in the weekly chart. 

(Gold (XAU/USD) Weekly Chart)

We can see that a break below 1180 would open up the 1043.90, 2010-low. It might take a few weeks before reaching this low, but considering the prevailing downtrend since the 1920.74 high (record high), and the break below the 2013-2014 consolidation, we can expect gold prices to push toward 1043.90 in 2015 if not be the end of 2014.

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