Gold (XAU/USD) resumed the bearish momentum of its following a quick 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 the everyday (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to close to the $1825 region and paid the remainder of the week meandering near 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 cost proceeds to oscillate in a determined range. Acceptance above the 50-DMA is important to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200 DMA support at $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for extra downside alive.
Further, a failure to deliver a weekly closing over the crucial short term hurdle of 21-DMA, also suggests that more declines could remain in the offing.
Nevertheless, the Fed’s final monetary policy decision of this season along with a likely US fiscal stimulus deal might have a major impact on the gold price activity in the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Everyday SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65