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Commodities

Gold Price Analysis: XAU/USD remains caught between key DMAs ahead of Fed week

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 following the metallic faced rejection at the 50 daily shifting the everyday (DMA), now at $1875.

On Wednesday, gold fell almost as one % to near the $1825 region plus spent the remainder of the week meandering near the latter, with the upside tries 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 defined range. Acceptance above the 50 DMA is actually critical to reviving the recovery momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA support during $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for further downside alive.

In addition, a failure to provide a weekly closing over the crucial short-term hurdle of 21-DMA, also implies that more declines could be in the offing.

Nevertheless, the Fed’s final monetary policy choice of this season and a probable US fiscal stimulus deal might have a big impact on the gold price action within the week ahead.

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

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

LEVELS
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Daily 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

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