KITCO NEWS – As gold prices erased losses from the week Friday afternoon, one market forecaster questioned whether the momentum can spill over into next week. Investors will be closely watching next week’s gold future options expiration as well as the results of the latest Federal Open Market Committee meeting on Wednesday. Gary Wagner, editor of thegoldforecast.com, said that although gold could breathe a sigh of relief, the metal may be destined for lower prices. ‘At this point, we could see a little bounce, but I am expecting more downside pressure [for gold],’ he told Kitco News. He added that the key level for the yellow metal right now stands at around $1,038 an ounce. Looking at the charts, Wagner said that any breach of the $1,085 level could lead gold prices towards lows last seen in February 2010. Gold prices in afternoon trading Friday bounced up after hitting a new five-year low of $1,072.30, basis August Comex futures, earlier in the day. Kitco’s spot gold was last quoted up $6.90 at $1,097.30 as of 3:14pm EDT on Friday.
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