If the negative momentum remains intact near and medium term, the bears could force a test of that zone during the first quarter.

FORBES: Technical Trading: Gold under Pressure -- Eyeing FOMC, Jobs Data

Overall, the net impact of all these policy actions is likely to be slightly negative for growth potential, at least in the medium term.

FORBES: Barclays' Take On China's Muni Debt 'Crisis'

Those who see weaker prices next week said, while gold might be oversold in the short-term, the medium-term technical picture has turned negative and that could lead to weaker prices, even as geopolitical worries heat up, such as saber-rattling by Iran over possibly closing the Straits of Hormuz, a key shipping lane for oil transportation.

FORBES: Survey Participants See Higher Gold Prices Next Week