Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi-month lows sub 1dolar1 1800 in the last week.
The sellers returned after the metallic faced rejection at the 50 daily shifting typical (DMA), now at $1875.
On Wednesday, gold fell as much as 1 % to in close proximity to the $1825 region and paid the majority of the week meandering close to the latter, while using upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price proceeds to oscillate in a determined range. Acceptance above the 50-DMA is actually essential to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200 DMA assistance during $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for extra downside alive.
Further, a failure to deliver a weekly closing on top of the vital short term hurdle of 21 DMA, also hints that more declines may just remain in the offing.
But, the Fed’s finalized monetary policy decision of this year along with a likely US fiscal stimulus deal might have a significant effect on the gold price activity in the week ahead.
Gold Additional levels
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65