There Is Still Room For Further Erosion In Gold Price - Gary Wagner | Kitco News

It’s all about the Fed next week, with the Federal Open Market Committee meeting concluding on December 16 and markets anticipating the first interest rate hike in nine years. What could happen to gold? According to longtime technical analysts Gary Wagner, the metal could see more downside pressure next week. ‘If we get liftoff as anticipated we could see further erosion in gold,’ he told Kitco News Friday afternoon. ‘I would really want to watch the key levels at $1,061, and $1,050,’ he added, stating that these have been the recent lows in gold. February comex gold futures saw some volatility early Friday when the metal rallied up to a high of $1,078.60 an ounce, but has now settled a few cents off that level. According to Wagner, the main thing investors should focus on next week is how the Fed will hint at interest rate hikes in 2016. ‘I would be surprised if we get two rate hikes next year,’ he said. ‘I think [the Fed] will be fluid in terms of how they raise rates; I wouldn’t think they’d go much higher real quick.’Kitco News, December 11, 2015.