Los Angeles CA, September 19 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed on Tuesday as Gold edges higher on bargain hunting. Gold is up 0.11 percent to $1,308.50 an ounce after easing $12.10 on Monday to close at $1,307.10.

Silver is up 0.15 percent to $17.19 an ounce after tumbling $0.38 on Monday to close at $17.16. The Gold/Silver ratio, the number of Silver ounces needed to buy an ounce of Gold, rose to 76.17. Platinum is down 0.94 percent to $951.00 an ounce. Palladium is down 2.69 percent to $903.00 an ounce.

Gold edged higher on bargain hunting in early trading on Tuesday as the yellow metal continues to consolidate above $1,300. TD Securities says Gold could slip back below $1,300 an ounce.

“It is likely that markets will force the yellow metal below $1,300, toward $1,290/oz in the days ahead or after of the FOMC [which meets this week],” said TDS.

If that should happen analysts say Gold could face further pressure from technical-chart selling. Technical analyst Cliff Green told the Global Gold Forum on Tuesday that Gold should run into chart support on both sides of $1,300.

“A combination of previous corrective lows and congestive areas, where good two-way trading was experienced on the way up. If this gives way, we could see $1,280 before fresh demand is stimulated,” said Green.

“In order for Gold to rally and breakout toward $1,400/oz, there will need to be more certainty that the U.S. central bank will not attempt to follow the dot-plot blueprint it mapped out earlier in the year,” said TDS.

Weaker Hands Have Departed

Meanwhile, markets are waiting for the outcome of the two-day Fed meeting and President Trump’s speech to the U.N., says George Gero, managing director with RBC Wealth Management.  “Weaker hands have departed yesterday and issues for worriers remain,” says Gero as he cites North Korea, Venezuela and “soon the start of reflation.”

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