Gold ended the week with a loss of more than $47, shaking investor confidence. But the correction was an expected move in the market following gold’s significant run-up in the past months, said MarketWatch.

“Gold’s close below $790 resulted in some technical damage and may result in gold challenging support at the 50 day moving average at $767,” said Mark O’Byrne, director at Gold and Silver Investments Ltd.

“We continue to believe that gold is unlikely to fall below $750 per ounce given the increasing macroeconomic and systemic risk in the world,” O’Byrne said. “A sell-off was expected and given the size of the recent move, it is normal that there be a period of correction and consolidation.”
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