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 alloy faced rejection at the 50 daily carrying the everyday (DMA), now at $1875.
On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region and spent the rest of the week meandering close to the latter, while using upside tries capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the cost goes on to oscillate in a defined range. Acceptance above the 50-DMA is essential to reviving the recovery 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 at 47.01, keeping the odds for additional downside alive.
Further, a failure to provide a weekly closing on top of the crucial short term hurdle of 21-DMA, also suggests that more declines might remain in the offing.
Nonetheless, the Fed’s final monetary policy choice of this season and a likely US fiscal stimulus deal could have a big effect on the gold price action in the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier 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
Daily Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65