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 following the alloy faced rejection at the 50-daily shifting typical (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to near the $1825 region plus paid the majority of the week meandering close to the latter, with the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price proceeds to oscillate in a determined 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 at $1809 is the degree to beat 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 essential short-term hurdle of 21 DMA, also implies that more declines could stay in the offing.
Nonetheless, the Fed’s final monetary policy choice of this year and a probable US fiscal stimulus deal can have a major influence on the gold price action in the week ahead.
Gold Additional levels
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65