Monday Open: $1,325.30
Weekly High: $1,340.30
Weekly Low: $1,307.40
Friday Close: $1,336.30

After last week’s short-lived rally, gold spun its wheels a little bit on uncertain U.S. economic forecasts and an uneventful world marketplace. The ups and downs were slight and no major news entered the radar of gold, but trading is once again taking on a bearish light.

Monday saw the week open on technical selling pressure from last week’s gains and a continuation of the conversation about when the Fed really will begin its bond tapering program. Similarly, the U.S. debt ceiling debate could be bearish for gold in the coming weeks. Germany re-elected Chancellor Angela Merkel to a third term, which could indicate further economic stability in the region, another bearish factor for gold. Meanwhile, China reported strong economic growth, also bearish for gold.

Tuesday morning New York Fed President William Dudley told CNBC that the Fed could begin its bond tapering program by the end of 2013 and conclude quantitative easing by 2014.

Wednesday saw positive mixed economic data come out of the U.S., including new residential home sales at a high, though Thursday’s reports were a mixed bag. Weekly jobless claims were lower, while GDP for the third quarter was weaker than expected. More “Fed speak” this week included Richmond Fed President Jeffrey Lacker announcing that he supports bond tapering and is surprised it has not already begun.

By Friday, the U.S. debt ceiling issue had gained some momentum, with the U.S. government aimed to partially shut down the next week if Congress does not pass a budget.