 Hello and welcome to the CMC markets chart of the week video with myself market analyst David Madden Today's video was shot on Wednesday the 13th of September at 2 15 p.m. And today's chart of the week is gold what we've seen here looking at the chart of gold Broadly speaking it's been pushing higher since late December last year We will be taking a closer look at the chart in just one and just one moment But it is worth pointing out on Friday last week the metal traded as traded at a 13-month high Given the heightened tensions about what could happen around North Korea and also global markets were braced for Hurricane Irma Now that the we have seen a very much a risk on attitude some global equity markets have reached all-time highs And we have seen a cooling in the price of gold Notice how we even though we have seen a pullback in the price of gold the wider upward trend that has been in place Since December last year is very much in play and also taking a closer look at the daily chart We can see that they kind of more stronger upward trend since July is very much in play So I suspect we could see some buyers enter the fold given that we have seen a bit of a pullback in the price since last Friday Notice how as the notice how for a book of the book for a good few months We have seen gold trade in between a range in between the high 1200 and the low 1200 I was in play since April all the way until August and then in late August We finally broke north of the psychologically important 1300 mark and pressed high nearly as high as 1360 of course before pulling back ever so slightly then So also it is worth pointing out Notice how on the positive momentum indicator here as the price of gold was pushing higher I was also reflected in the positive positive momentum Increasing we have seen a bit of a pullback in the price of gold and that is also reflected in the slight decline in positive momentum Should we see a price move lower? We could see momentum swing to the negative side But I suspect seeing as we've been in quite a strong upward trend particularly since July It is likely we could see some buyers enter the fold in Should we see a continuation of this pullback? Levels to watch out for to the downside should we see any pullback and further pullback in the price of gold? Will be yesterday's low of 1322 and then south of that We be looking towards this price area here of 13 or 5 1300 and then below that again the previous resistance which is now acting may act as support at 1296 and move to the upside for the price of gold will be Friday's high of 1358 and then looking beyond that. We'll be looking towards the July high of 2016 of 1375 and should we move beyond that again? The psychological important 1400 level may then be brought into play if you are trading gold it is worth pointing out that next week Wednesday and Wednesday the 20th of September we do have an update from the Federal Reserve We're not really expecting any change to the overall monetary policy in terms of interest rates But we could hear addition we could hear updates in relation to what is going on I want what the Fed plan to do in relation to the balance sheet reduction plan Which you have been talking about for some months. Thank you very much