Gold (XAU/USD) resumed its bearish momentum following a short 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 average (DMA), now at $1875.
On Wednesday, gold fell almost as one % to close to the $1825 region plus spent the rest of the week meandering near the latter, using the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the retail price goes on 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 support at $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.
Additionally, a failure to provide a weekly closing over the critical short-term hurdle of 21 DMA, also suggests that more declines could be in the offing.
But, the Fed’s final monetary policy decision of this season along with a likely US fiscal stimulus deal can have a big influence on the gold price action inside the week ahead.
Gold Additional levels
These days last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65