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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs ahead of Fed week

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 following the metallic faced rejection at the 50 daily shifting typical (DMA), now at $1875.

On Wednesday, gold fell almost as 1 % to near the $1825 region plus paid the rest of the week meandering near the latter, using 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 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 extra downside alive.

In addition, a failure to give a weekly closing above the critical short term hurdle of 21 DMA, also implies that more declines could remain in the offing.

However, the Fed’s final monetary policy choice of this season along with a probable US fiscal stimulus deal might have a major effect on the gold price action inside the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34

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

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous 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
Day Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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