Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi month lows sub 1dolar1 1800 in the last week.
The sellers returned after the metal faced rejection at the 50-daily carrying average (DMA), now at $1875.
On Wednesday, gold fell pretty much as 1 % to near the $1825 region plus paid the remainder of the week meandering close to the latter, while using upside tries capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price proceeds to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the recovery 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.
Additionally, a failure to deliver a weekly closing over the crucial short-term hurdle of 21 DMA, also implies that more declines may just remain in the offing.
Nonetheless, the Fed’s final monetary policy decision of this season as well as a probable US fiscal stimulus deal can have a big influence on the gold price activity in the week ahead.
Gold Additional levels
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Day 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
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65