Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi-month lows sub 1dolar1 1800 during the last week.
The sellers returned following the metal faced rejection at the 50 daily moving average (DMA), now at $1875.
On Wednesday, gold fell as much as 1 % to near the $1825 region and paid the majority of the week meandering close to the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the retail price goes on to oscillate in a defined range. Acceptance above the 50 DMA is actually important to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support during $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for additional downside alive.
Additionally, a failure to deliver a weekly closing on top of the vital short term hurdle of 21-DMA, also suggests that more declines may just remain in the offing.
Nonetheless, the Fed’s finalized monetary policy decision of this season as well as a probable US fiscal stimulus deal can have a major impact on the gold price action within the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day 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
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65