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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, 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