Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi-month lows sub 1dolar1 1800 in the last week.
The sellers returned after the metallic faced rejection at the 50-daily moving the everyday (DMA), now at $1875.
On Wednesday, gold fell pretty much as one % to near the $1825 region and invested the majority of the week meandering close to the latter, with the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the price continues to oscillate in a determined range. Acceptance above the 50 DMA is actually essential to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200 DMA assistance at $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for further downside alive.
In addition, a failure to deliver a weekly closing above the critical short term hurdle of 21 DMA, also hints that more declines could stay in the offing.
However, the Fed’s finalized monetary policy decision of this season as well as a likely US fiscal stimulus deal can have a big effect on the gold price action inside the week ahead.
Gold Additional levels
These days last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65