Gold (XAU/USD) resumed the bearish momentum of its following a short recovery from multi-month lows sub 1dolar1 1800 within the last week.
The sellers returned after the metal faced rejection at the 50 daily shifting average (DMA), now at $1875.
On Wednesday, gold fell almost as one % to near the $1825 region plus invested the majority of the week meandering near the latter, using the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price goes on to oscillate in a defined range. Acceptance above the 50-DMA is actually essential to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA assistance during $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for further downside alive.
In addition, a failure to deliver a weekly closing above the essential short term hurdle of 21 DMA, also implies that more declines may just stay in the offing.
Nonetheless, the Fed’s final monetary policy choice of this season along with a likely US fiscal stimulus deal might have a significant impact on the gold price action in the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Everyday SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier 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
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65