Categories
Commodities

Gold Price Analysis: XAU/USD continues to be caught between main 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 after the metal faced rejection at the 50-daily shifting typical (DMA), now at $1875.

On Wednesday, gold fell almost as 1 % to close to the $1825 region plus paid the rest of the week meandering close to the latter, with the upside attempts 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 determined range. Acceptance above the 50 DMA is actually critical to reviving the recovery momentum from four-month troughs of $1765.

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

Further, a failure to deliver a weekly closing over the critical short term hurdle of 21 DMA, also hints that more declines could remain in the offing.

Nevertheless, the Fed’s finalized monetary policy decision of this year and a probable US fiscal stimulus deal could have a significant influence on the gold price action within the week ahead.

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

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

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

Leave a Reply

Your email address will not be published. Required fields are marked *