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Commodities

Gold Price Analysis: XAU/USD continues to be caught between main DMAs ahead of Fed week

Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi-month lows sub-1dolar1 1800 during the last week.

The sellers returned after the metal faced rejection at the 50 daily carrying typical (DMA), now at $1875.

On Wednesday, gold fell as much as one % to close to the $1825 region plus paid the majority of the week meandering near the latter, with the upside attempts 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 defined range. Acceptance above the 50 DMA is actually important to reviving the healing momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA assistance during $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for extra downside alive.

Further, a failure to deliver a weekly closing over the essential short term hurdle of 21-DMA, also hints that more declines could stay in the offing.

Nonetheless, the Fed’s final monetary policy choice of this year and a likely US fiscal stimulus deal could have a significant effect on the gold price action within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34

TRENDS
Day SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34

LEVELS
Previous Daily High 1847.78
Previous 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
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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