 Hello, welcome to this week's CMC Markets Commodities Snapshot with myself Jasper Lawler. We're basically asking the question, can gold go below $1,000 if the Fed reserve decides to hike rates? So the premise we're working on here is that hiking interest rates and rising interest rates in the US is bad for gold. And so the idea there is that gold doesn't yield anything, so if yielding assets are yielding more, it becomes relatively less attractive. And also, if the Fed are raising interest rates, it means they're trying to combat future inflation so we're less likely to get runaway inflation, and so gold as an inflation hedge is less necessary. That premise, of course, could be wrong. Gold may actually be sought after like it has been in the past few weeks because if stock markets start to fall off, gold is actually a safe haven, and so the Fed hiking interest rates and coalescing a stock market crash may mean that actually gold prices can go up. Of course, the Fed also could be too late to combat higher inflation. They may be a bit behind the curve, which a lot of people are saying they are, and so then future higher inflation again would be a reason to hold gold. So this premise is not necessarily going to hold true, but so far it has. Gold is well off its highs since the Federal Reserve first indicated it was going to stop the pace of its monetary easing, and now that we're actually at the stage, potentially next week, the Fed are going to hike interest rates and tighten policy for the first time in many years. So just taking a look at this monthly chart for gold, it's these two key lows that have formed this 1180 support turning into resistance that we're really paying attention to. We dropped down through there quite convincingly in July. August we bounced up towards it, but we failed to break back above it, and now we're heading into September when the Fed could potentially be hiking rates and we're starting to fall away again. So looking further down on the monthly chart, you can see it is this $1,000 per ounce level that you can see right in these March 2008, January 2009 peaks that have formed that potential support, which we would be potentially aiming towards should we continue this down move. Jumping over to the daily chart, a slightly shorter time frame, you can see yesterday's price action took us below this recent support level, and so here we're seeing momentum start to turn to the downside. This safe haven status that gold had had during the market turbulence starting to give way and signs that maybe the lows of the year are going to get taken out in which case we are looking towards that $1,000 per ounce. The question is, do the Fed hike rates and can this cause this breakdown in gold to be starting to witness? That's it for this week's CMC Markets Commodity Snapshot. We are of course looking at gold and looking forward to the main event which is next week on Thursday, the 17th of September, which is when the Fed are deciding on their monetary policy and potentially hiking interest rates. If they do hike, then is that $1,000 per ounce in gold that we're looking towards?