Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi month lows sub-1dolar1 1800 in the last week.
The sellers returned after the metallic faced rejection at the 50-daily carrying average (DMA), today at $1875.
On Wednesday, gold fell almost as 1 % to close to the $1825 region plus spent the rest of the week meandering close to the latter, while using upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the cost goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually important to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200 DMA support 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 chances for extra downside alive.
Further, a failure to deliver a weekly closing over the vital short term hurdle of 21 DMA, also implies that more declines might stay in the offing.
Nevertheless, the Fed’s finalized monetary policy choice of this season as well as a likely US fiscal stimulus deal might have a big influence on the gold price activity inside the week ahead.
Gold Additional levels
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous 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
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65