GO
Loading...

Here's what will matter for gold this week: Pro

Monday, 9 Sep 2013 | 9:32 AM ET
Getty Images

With a gigantic event for gold coming next week, we expect to see the metal stay in a range over the next few days. But if gold somehow falls below $1,352, it could mean big trouble for it..

Gold used a disappointing employment report on Friday to trade $25 from its low on Friday morning, and to reach a high of $1,393.60—just shy of resistance at $1,395.20. Meanwhile, on the downside, Friday's low of $1358.20 kept gold away from the $1,352 make-or-break line in the sand.

(Read more: Why bad news for workers is great news for gold)

As we head into this week, the major focus is the FOMC meeting that begins a week from Tuesday. After all, it is the announcement from this meeting (which we will get on Wednesday, Sept. 18) that will finally give us some clarity on when the Federal Reserve will begin to taper its easing program, and by how much.

Ahead of this event, we are looking for the market to stay range-bound into next week, and we will continue to trade the levels.

(Read more: Top technician is sure that gold's going to $1,200)

RBC's top technician: Gold will fall to $1,200
George Davis of RBC Capital Markets says gold is going to $1,200—and he brought along a chart to prove it, with CNBC's Jackie DeAngelis and the "Futures Now" traders.

The lowest marked close last week was $1,373, and we believe this brings the $1,373 to $1,401 range back into play. Only the unlikely event of a close outside of this range will provide the market with momentum in either direction.

Furthermore, it will take a close above $1,422.30 to spark a bull leg up to $1,480. And if we see a close below that key $1,352 level, it will spark a bear leg down to $1,300.

Rich Ilczyszyn is founder and CEO of iiTrader. Follow him on Twitter @iiTrader.

Watch "Futures Now" Tuesdays and Thursdays at 1 p.m. EDT exclusively on FuturesNow.CNBC.com!

Like us on Facebook! Facebook.com/CNBCFuturesNow.

Follow us on Twitter! @CNBCFuturesNow.

  Price   Change %Change
@1GC13Z
---

Contact Futures Now

  • Showtimes

    Watch Futures Now Tuesdays & Thursdays 1p ET exclusively on cnbc.com!

Sponsor Links

  • CME Group brings buyers and sellers together through its CME Globex electronic trading platform and trading facilities in New York and Chicago.

  • Take your trading to the next level with a platform that lets you trade stocks, options, futures and forex all in one place with no platform or data with no trade minimums. Open an account with TD Ameritrade and get up to $600 cash.