Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi-month lows sub-1dolar1 1800 within the last week.
The sellers returned after the alloy faced rejection at the 50-daily carrying the everyday (DMA), now at $1875.
On Wednesday, gold fell as much as one % to near the $1825 region and spent the majority of the week meandering close to the latter, while using upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the price continues to oscillate in a defined range. Acceptance above the 50-DMA is actually important to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support at $1809 is the degree to beat 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 give a weekly closing on top of the critical short term hurdle of 21-DMA, also hints that more declines may just remain in the offing.
But, the Fed’s finalized monetary policy decision of this season and a probable US fiscal stimulus deal might have a major influence on the gold price activity within the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65