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 following the alloy faced rejection at the 50-daily shifting the everyday (DMA), now at $1875.
On Wednesday, gold fell almost as one % to close to the $1825 region plus invested the rest of the week meandering close to the latter, using the upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the price continues to oscillate in a determined range. Acceptance above the 50-DMA is important 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 odds for additional downside alive.
Further, a failure to deliver a weekly closing above the vital short-term hurdle of 21 DMA, also suggests that more declines may just remain in the offing.
Nonetheless, the Fed’s final monetary policy choice of this year along with a likely US fiscal stimulus deal might have a big effect on the gold price action inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65