Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi month lows sub 1dolar1 1800 in the last week.
The sellers returned after the metallic faced rejection at the 50-daily carrying typical (DMA), now at $1875.
On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region plus invested the rest of the week meandering near the latter, while using upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the cost proceeds to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA support during $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 additional downside alive.
Additionally, a failure to deliver a weekly closing above the critical short term hurdle of 21 DMA, also hints that more declines might stay in the offing.
However, the Fed’s finalized monetary policy decision of this season as well as a probable US fiscal stimulus deal might have a big effect on the gold price action inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65