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 metallic faced rejection at the 50-daily shifting the everyday (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to near the $1825 region and spent the majority of the week meandering close to the latter, using the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the price proceeds to oscillate in a defined range. Acceptance above the 50-DMA is 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.
Additionally, a failure to provide a weekly closing above the vital short term hurdle of 21 DMA, also hints that more declines may just be in the offing.
But, the Fed’s finalized monetary policy decision of this season and a likely US fiscal stimulus deal could have a big influence on the gold price action inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier 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
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65