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 metal faced rejection at the 50 daily carrying the everyday (DMA), now at $1875.
On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region and invested the remainder of the week meandering near the latter, while using upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the cost proceeds to oscillate in a defined range. Acceptance above the 50 DMA is important to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200-DMA support during $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.
Additionally, a failure to give a weekly closing on top of the critical short-term hurdle of 21-DMA, also hints that more declines might be in the offing.
Nonetheless, the Fed’s final monetary policy choice of this season as well as a probable US fiscal stimulus deal could have a major influence on the gold price action within the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Everyday SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65