Gold (XAU/USD) resumed the bearish momentum of its following a short recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned after the metallic faced rejection at the 50 daily moving typical (DMA), today at $1875.
On Wednesday, gold fell as much as 1 % to close to the $1825 region plus spent the rest of the week meandering close to the latter, while using upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the retail price continues 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 assistance during $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.
Additionally, a failure to provide a weekly closing over the vital short-term hurdle of 21-DMA, also hints that more declines may just remain in the offing.
However, the Fed’s finalized monetary policy decision of this season as well as a likely US fiscal stimulus deal might have a big influence on the gold price action inside the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65