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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between main DMAs in front of Fed week

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 following the metal faced rejection at the 50-daily moving average (DMA), today at $1875.

On Wednesday, gold fell pretty much as one % to near the $1825 region and spent the majority 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 daily chart definitely shows that the retail price goes on to oscillate in a determined range. Acceptance above the 50-DMA is essential 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 at 47.01, keeping the odds for extra downside alive.

In addition, a failure to deliver a weekly closing above the critical short term hurdle of 21-DMA, also suggests that more declines could be in the offing.

Nevertheless, the Fed’s finalized monetary policy decision of this season along with a likely US fiscal stimulus deal can have a significant effect on the gold price action in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34

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

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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