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 carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region and invested the majority of the week meandering near 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 price proceeds to oscillate in a defined 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 at $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for extra downside alive.
In addition, a failure to deliver a weekly closing over the critical short term hurdle of 21 DMA, also hints that more declines might be in the offing.
Nevertheless, the Fed’s finalized monetary policy decision of this year as well as a likely US fiscal stimulus deal could have a major influence on the gold price action inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65