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 carrying the everyday (DMA), now at $1875.
On Wednesday, gold fell as much as 1 % to in close proximity to the $1825 region plus paid the rest of the week meandering near the latter, using the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the cost goes on to oscillate in a defined range. Acceptance above the 50-DMA is actually important 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 provide a weekly closing above the crucial short-term hurdle of 21-DMA, also suggests that more declines may just stay in the offing.
However, the Fed’s finalized monetary policy choice of this season as well as a likely US fiscal stimulus deal might have a significant impact on the gold price action in the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Previous 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
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65