Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi-month lows sub-1dolar1 1800 in the last week.
The sellers returned after the alloy faced rejection at the 50-daily shifting average (DMA), today at $1875.
On Wednesday, gold fell almost as one % to close to the $1825 region plus spent the remainder of the week meandering near the latter, while using upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the price continues to oscillate in a determined range. Acceptance above the 50 DMA is actually essential to reviving the recovery 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 on top of the vital short-term hurdle of 21-DMA, also hints that more declines may just stay in the offing.
Nevertheless, the Fed’s finalized monetary policy decision of this season and a probable US fiscal stimulus deal could have a major impact 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
Now daily open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65