Gold (XAU/USD) resumed the bearish momentum of its 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 moving average (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to close to the $1825 region and paid the remainder 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 definitely shows that the retail price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is important to reviving the healing 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 during 47.01, keeping the chances for extra downside alive.
Additionally, a failure to deliver a weekly closing on top of the crucial short-term hurdle of 21-DMA, also implies that more declines may just stay in the offing.
But, the Fed’s finalized monetary policy decision of this year as well as a probable US fiscal stimulus deal could have a big 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
Now daily open 1839.34
Everyday SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday 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
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65