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Commodities

Gold Price Analysis: XAU/USD continues to be caught 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 alloy faced rejection at the 50-daily carrying the everyday (DMA), today at $1875.

On Wednesday, gold fell as much as one % to in close proximity to the $1825 region plus 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 daily chart clearly shows that the price goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually critical to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200-DMA assistance at $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for further downside alive.

Additionally, a failure to give a weekly closing on top of the crucial short-term hurdle of 21-DMA, also implies that more declines could stay in the offing.

But, the Fed’s final monetary policy choice of this season along with a likely US fiscal stimulus deal could have a significant impact on the gold price activity within the week ahead.

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

TRENDS
Daily SMA20 1838.62
Daily 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
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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