 Hello and welcome to the C&C markets chart of the week video with myself market analyst David Madden Today's date is Thursday the 21st of September and this video has been recorded just after half past one Last week's video we talked about gold and we talked about how the metal came off a 13 month high at the beginning of the month And the pullback that we've seen may entice some buyers The theme is largely still in place But we're looking at this week and judging by the update from the Federal Reserve last night They do appear to be a bit more hawkish than traders had anticipated So taking a look at the price of gold in the past 48 hours We can see a price of gold has continued to come off and judging by the increase in negative momentum We've seen in the last number of trading sessions What we can what we can what we can gleam from the chart here was just in the near term The negative move that we've seen in gold in the last couple of weeks is still in place But bearing bearing in mind gold on a much wider basis and a much wider trend Broadly speaking from December 2016 onwards and particularly the upward move we've witnessed since the the lows in July We could potentially see some pullbacks We could potentially see some buyers into these pullbacks seeing as we're approaching some levels which could be significant If you turn our attention back here to to August We saw the price of gold received support from well combination of both the 50 moving average and the 100 day moving average So seeing as it has has proven in the past to act as a support to downward moves It is a possibility. It could do so in the near term If you look at the price of gold right now, we're not too far away from the 50 moving average at 1288 South of that is the what is the What one of the lows from August at 1276 sorry 1267 and south of that is 100 day moving average of the price of gold 1267 so we potentially could see some buyers step into the fold Within these price regions seeing as the metal Has been being supported by the fixedly moving average and the one-day moving average in recent months Should we see see a turnaround in the price of gold? I should we see the price push higher levels to watch out for to the upside will obviously be the psychologically important $1,300 mark and then north of that the next generation resistance level they come into play at 1316 beyond that balls will be looking towards 1334 and then of course the September high of 1358 which of course was a 13-month high and should we go on to create new multi-month highs We could be looking towards 1375 or potentially 1400 itself to the downside though Should we see a breaking below the 100 day moving average at 1267 that would be potentially cause for concern It could be some suggestions at the upward move from July is coming to an end So then some traders were then we're looking back towards the eternity moving average Which comes into play at 1244 and then south of that We'd be looking to the July low of 1204 and then below that we'd be looking to 1195 If you are trading gold Bearing in mind next week and week ahead of us. We do have growth numbers out from the United States So just something to keep in mind. Thank you for listening and tune in next week