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Commodities

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

Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub-1dolar1 1800 in the last week.

The sellers returned following the metallic faced rejection at the 50-daily moving typical (DMA), today at $1875.

On Wednesday, gold fell pretty much as one % to close to the $1825 region and invested the remainder of the week meandering close to the latter, using the upside tries capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the cost 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 degree to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for extra downside alive.

Additionally, a failure to deliver a weekly closing over the essential short-term hurdle of 21 DMA, also suggests that more declines might stay in the offing.

Nevertheless, the Fed’s finalized monetary policy choice of this season and a likely US fiscal stimulus deal might have a major effect on the gold price action within the week ahead.

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

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

LEVELS
Earlier Daily High 1847.78
Previous 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
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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