Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi-month lows sub-1dolar1 1800 during the last week.
The sellers returned after the alloy faced rejection at the 50 daily moving the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as 1 % to near the $1825 region plus spent 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 clearly shows that the retail price proceeds to oscillate in a determined range. Acceptance above the 50-DMA is critical to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA assistance at $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for additional downside alive.
Additionally, a failure to deliver a weekly closing on top of the essential short term hurdle of 21-DMA, also hints that more declines might remain in the offing.
But, the Fed’s finalized monetary policy decision of this season as well as a likely US fiscal stimulus deal could have a major effect on the gold price action within the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Everyday SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Earlier 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
Everyday Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65