Gold Forecast October 13, 2014, Technical Analysis

The gold markets did very little during the course of the session on Friday, showing the $1220 level to be a bit supportive. After all, there is a gap there, and it seems as if the market will continue to respect that area as support. Alternately, if we can break down below the $1210 level, we feel that the market would then break down below the $1200 level, and then perhaps head as low as $1000 given enough time. We are most certainly in a downtrend at this point in time, and as a result we need to see a move above the $1250 level in order to start buying as the downward pressure is so strong.