Gold (XAU/USD) resumed the bearish momentum of its following a quick 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 the everyday (DMA), now at $1875.
On Wednesday, gold fell pretty much as one % to near the $1825 region plus spent the majority of the week meandering close to the latter, using the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the cost continues to oscillate in a determined range. Acceptance above the 50 DMA is actually critical to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA support at $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for additional downside alive.
Further, a failure to deliver a weekly closing above 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 choice of this year and a probable US fiscal stimulus deal could have a significant impact on the gold price action in the week ahead.
Gold Additional levels
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
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
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65