LONDON, Sept 19- A jump in holdings of palladium-backed exchange-traded funds is ratcheting up pressure on a market that has seen years of deficit, threatening to push prices, already up by a third this year, higher still. "Last year, when ETF investment was going down, the deficit was being filled by investor selling," Macquarie analyst Matthew Turner said.
*Spot gold may test resistance at $1,294/ oz- technicals. Spot gold was up 0.3 percent at $1,287.01 per ounce U.S. gold futures for December delivery rose 0.8. "It's a dollar story and a concern that the market's been having with regards to geopolitical events," said Dominic Schnider at UBS Wealth Management in Hong Kong.
*Palladium seen averaging $811/ oz in 2017. *Palladium seen at $849, platinum at $1,050 in 2018. A poll of 26 analysts and traders conducted by Reuters this month returned an average palladium price forecast of $811 an ounce for this year, 5 percent above an average view of $770 returned by a similar poll conducted in early April.
*Spot gold had risen 0.3 percent to $1,269.16 per ounce by 0053 GMT. *U.S. gold futures for August delivery were flat at $1,271.60. *Palladium, which hit its highest level in 16 years on Friday, was up 0.3 percent at $893.50 an ounce.
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