Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi-month lows sub-1dolar1 1800 within the last week.
The sellers returned after the alloy faced rejection at the 50 daily carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell pretty much as one % to close to the $1825 region and paid the remainder of the week meandering close to the latter, with the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the cost goes on to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support during $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.
In addition, a failure to deliver a weekly closing over the crucial short-term hurdle of 21 DMA, also implies that more declines could be in the offing.
Nevertheless, the Fed’s finalized monetary policy choice of this year as well as a probable US fiscal stimulus deal might have a big influence on the gold price action within the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65