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Commodities

Gold Price Analysis: XAU/USD remains trapped between main DMAs ahead of Fed week

Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi-month lows sub 1dolar1 1800 in the last week.

The sellers returned following the metallic faced rejection at the 50 daily moving typical (DMA), now at $1875.

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region plus spent the rest of the week meandering close to the latter, using the upside endeavors capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the price goes on 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 during 47.01, keeping the chances for extra downside alive.

Additionally, a failure to deliver a weekly closing above the vital short-term hurdle of 21 DMA, also implies that more declines may just stay in the offing.

Nonetheless, the Fed’s finalized monetary policy choice of this year as well as a likely US fiscal stimulus deal could have a big effect on the gold price action in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34

TRENDS
Day SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34

LEVELS
Previous Daily High 1847.78
Previous 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
Daily Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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