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 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 invested the rest of the week meandering near the latter, using the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the cost 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 beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.
In addition, a failure to give a weekly closing above the vital short term hurdle of 21 DMA, also implies that more declines may just be in the offing.
Nevertheless, the Fed’s final monetary policy decision of this season along with a probable US fiscal stimulus deal could have a major effect on the gold price activity in the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Day 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
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65