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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 its bearish momentum following a brief recovery from multi month lows sub-1dolar1 1800 during the last week.

The sellers returned after the alloy faced rejection at the 50-daily shifting average (DMA), now at $1875.

On Wednesday, gold fell as much as 1 % to in close proximity to the $1825 region and invested the remainder of the week meandering close to the latter, using the upside tries capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is actually important to reviving the healing momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA assistance at $1809 is the degree to get over 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 deliver a weekly closing on top of the crucial short term hurdle of 21 DMA, also implies that more declines might stay in the offing.

But, the Fed’s finalized monetary policy choice of this year along with a probable US fiscal stimulus deal can have a big influence on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34

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

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier 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
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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