Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned after the alloy faced rejection at the 50-daily carrying average (DMA), now at $1875.
On Wednesday, gold fell as much as 1 % to near the $1825 region and paid the rest of the week meandering close to the latter, with 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 goes on 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 at $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 odds for extra downside alive.
Further, a failure to deliver a weekly closing on top of the vital short-term hurdle of 21 DMA, also hints that more declines may just stay in the offing.
But, the Fed’s finalized monetary policy choice of this season and a likely US fiscal stimulus deal can have a major influence on the gold price action inside the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Everyday SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65