Gold (XAU/USD) resumed its bearish momentum 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 the everyday (DMA), today 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, with the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the cost continues to oscillate in a determined range. Acceptance above the 50 DMA is 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 extra downside alive.
In addition, a failure to give a weekly closing above the crucial short-term hurdle of 21 DMA, also suggests that more declines may just remain in the offing.
Nevertheless, the Fed’s final monetary policy choice of this year as well as a probable US fiscal stimulus deal can have a significant impact on the gold price activity within the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65