Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi-month lows sub-1dolar1 1800 in the last week.
The sellers returned after the alloy faced rejection at the 50 daily shifting the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to close to the $1825 region plus spent the majority of the week meandering close to the latter, while using upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the price continues to oscillate in a defined range. Acceptance above the 50 DMA is actually important to reviving the recovery momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support at $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 chances for further downside alive.
Additionally, a failure to give a weekly closing over the crucial short term hurdle of 21 DMA, also hints that more declines might be in the offing.
Nonetheless, the Fed’s final monetary policy decision of this season and a probable US fiscal stimulus deal can have a significant effect on the gold price activity in the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous 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
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65