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 metal faced rejection at the 50-daily carrying typical (DMA), today at $1875.
On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region plus spent the rest of the week meandering near the latter, while using upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price goes on 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 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 odds for additional downside alive.
Additionally, a failure to give a weekly closing on top of the crucial short term hurdle of 21-DMA, also implies that more declines could stay in the offing.
Nonetheless, the Fed’s final monetary policy decision of this season and a probable US fiscal stimulus deal can have a major impact 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 every day open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Daily 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
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65