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Commodities

Gold Price Analysis: XAU/USD continues to be caught between main DMAs ahead of Fed week

Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi-month lows sub 1dolar1 1800 during the last week.

The sellers returned following the metallic faced rejection at the 50-daily shifting the everyday (DMA), today at $1875.

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region and spent the remainder of the week meandering near the latter, with the upside tries capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the cost proceeds to oscillate in a defined range. Acceptance above the 50-DMA is actually essential to reviving the retrieval momentum from four month troughs of $1765.

Meanwhile, the 200-DMA support 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.

Further, a failure to provide a weekly closing on top of the essential short term hurdle of 21 DMA, also implies that more declines could be in the offing.

Nevertheless, the Fed’s finalized monetary policy decision of this year along with a probable US fiscal stimulus deal could have a major influence on the gold price activity in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34

TRENDS
Everyday SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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