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 after the alloy faced rejection at the 50 daily carrying typical (DMA), today at $1875.
On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region plus paid the remainder of the week meandering close to the latter, using the upside tries capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually important to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200 DMA assistance during $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for additional downside alive.
Additionally, a failure to give a weekly closing on top of the critical short term hurdle of 21-DMA, also hints that more declines might remain in the offing.
Nevertheless, the Fed’s finalized monetary policy decision of this year as well as a likely US fiscal stimulus deal could have a major effect on the gold price action within the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday 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
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65