Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub 1dolar1 1800 during the last week.
The sellers returned after the metal faced rejection at the 50 daily moving average (DMA), now at $1875.
On Wednesday, gold fell pretty much as 1 % to in close proximity to the $1825 region and invested the remainder of the week meandering close to the latter, with the upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200 DMA support at $1809 is the degree 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.
Additionally, a failure to deliver a weekly closing on top of the essential short-term hurdle of 21-DMA, also suggests that more declines might stay in the offing.
However, the Fed’s final monetary policy decision of this season and a likely US fiscal stimulus deal might have a big influence on the gold price activity in the week ahead.
Gold Additional levels
Today previous 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
Day SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65