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Commodities

Gold Price Analysis: XAU/USD continues to be caught between key DMAs ahead of Fed week

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 metal faced rejection at the 50 daily shifting average (DMA), today at $1875.

On Wednesday, gold fell pretty much as 1 % to in close proximity to the $1825 region and spent the rest of the week meandering close to the latter, using the upside attempts capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the retail price continues to oscillate in a determined range. Acceptance above the 50 DMA is actually critical to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200 DMA assistance 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.

Further, a failure to give a weekly closing over the vital short term hurdle of 21-DMA, also suggests that more declines could be in the offing.

However, the Fed’s finalized monetary policy choice of this year as well as a likely US fiscal stimulus deal might have a significant effect on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34

TRENDS
Daily SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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