Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi month lows sub-1dolar1 1800 during the last week.
The sellers returned following the metallic faced rejection at the 50-daily moving the everyday (DMA), now at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region and paid the rest of the week meandering near the latter, with the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely 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 assistance 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.
Further, a failure to give a weekly closing over the essential short term hurdle of 21-DMA, also hints that more declines may just be in the offing.
Nonetheless, the Fed’s final monetary policy decision of this season as well as a likely US fiscal stimulus deal could have a major influence on the gold price action within the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65