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Commodities

Gold Price Analysis: XAU/USD continues to be caught between key DMAs in front 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 after the metallic faced rejection at the 50-daily moving average (DMA), today at $1875.

On Wednesday, gold fell as much as 1 % to near the $1825 region and 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 daily chart definitely shows that the price proceeds 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 degree to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for extra downside alive.

Further, a failure to provide a weekly closing on top of the vital short-term hurdle of 21 DMA, also implies that more declines may just remain in the offing.

Nonetheless, the Fed’s final monetary policy decision of this year and a likely US fiscal stimulus deal can have a big influence on the gold price action inside the week ahead.

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

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

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier 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
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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