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Commodities

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

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 following the metallic faced rejection at the 50 daily shifting average (DMA), now at $1875.

On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region plus paid the rest 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 day chart clearly shows that the price goes on to oscillate in a determined range. Acceptance above the 50-DMA is critical to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200-DMA support at $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 additional downside alive.

Additionally, a failure to give a weekly closing over the essential short-term hurdle of 21-DMA, also implies that more declines may just be in the offing.

But, the Fed’s finalized monetary policy decision of this year and a probable US fiscal stimulus deal can have a big effect on the gold price action inside the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34

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

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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