2 Oct 2014 XAU/USD Gold Analysis

Gold slides to new low of 1204 this year as price rebounds to 1215 range yet again

Gold prices edge lower as the 104 moving average acts as the next resistance on the H4 charts

Downtrend channel as lower highs and lower lows correspond to the supports and resistances, Gold looks likely to break below 1200 if 1225 looks to resist again on the hourly charts

Gold remains bearish particularly if the U.S Non Farm Payrolls tomorrow further enhances the integrity of the U.S system and their route towards recovery. The drop in Gold prices has increased demand somewhat for U.S mint gold coins. The likelihood of increase in rates in the U.S is likely to keep gold prices bearish for sometime as speculation is rife on the total wind down of the Fed's QE and the timing of the rate increase.

Trend Direction	S3	S2	S1	R1	R2	R3	Entry	Stop Loss	Exit
Bearish	1194	1200	1208	1215	1225	1232	1225	1228	1200