Gold prices ended the U.S. day session modestly higher Thursday, boosted by the announcement from the Bank of England that it is easing its monetary policy for the first time since 2009. Traders and investors are now awaiting Friday morning’s July U.S. employment report from the Labor Department.

Despite gold’s pullback, settling the day at $1,335.30 an ounce, veteran technical analyst Gary Wagner say he remains bullish. So much so, gold may rally to $1,445 over the next three months, he told Kitco News Tuesday after the close. Gold prices are struggling amid rallying equities and crude oil prices. Is oil stealing gold’s thunder? “We’ve seen fireworks in gold,” he said.

The 800,000-pound Godzilla in the room at the moment is the fear of a Federal Reserve interest rate hike, says long-time technical analyst Gary Wagner.

With gold prices posting solid gains on Monday, long-time technical analyst Gary Wagner, says the metal has found its floor.

“When gold touched the levels of $1,040 -$1,045 an ounce earlier this year, those turned out to be the bottom and I think that will be the bottom,” the founder and editor of the thegoldforecast.com said in an interview with Kitco News.

Gold prices ended the U.S. day session solidly higher and hit a 3.5-month high Thursday. ‘The falling dollar is intriguing for the gold trade we are in, the price of crude, and for future potential upward movement of equities pricing,’ said Gary Wagner, editor of the popular newsletter, thegolddorecast.com. Silver prices also scored a 3.5-month high Thursday.

Kitco News speaks with technical analyst Gary Wagner to see where he thinks gold will close for the week. After seeing its biggest one-day drop since December, the yellow metal moved higher Friday as U.S. equities were clobbered. Kitco News, January 15, 2016.

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.

After Friday’s big move, could $1,000 gold still be in the cards for 2015? Gold ended the week up 2% after coming close to a six-year low earlier in the week. Despite Friday’s price action, Gary Wagner, editor of thegoldforecast.com, said that $1,000 gold cannot be ruled out.

As gold prices continue to struggle following Thursday’s fall to a near 5.5-year low, one technician says he wouldn’t be surprised to see the metal move lower.

Published on Oct 13, 2015