Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub 1dolar1 1800 during the last week.
The sellers returned after the alloy faced rejection at the 50-daily shifting average (DMA), now at $1875.
On Wednesday, gold fell as much as one % to close to the $1825 region and spent the rest of the week meandering close to the latter, with the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price goes on to oscillate in a determined range. Acceptance above the 50-DMA is essential to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support during $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for additional downside alive.
Additionally, a failure to give a weekly closing above the essential short term hurdle of 21 DMA, also implies that more declines may just be in the offing.
Nevertheless, the Fed’s final monetary policy choice of this year along with a probable US fiscal stimulus deal can have a significant influence on the gold price activity inside the week ahead.
Gold Additional levels
These days last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Day Pivot Point R3 1873.65