Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi-month lows sub-1dolar1 1800 within the last week.
The sellers returned after the alloy faced rejection at the 50-daily carrying average (DMA), now at $1875.
On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region and spent the remainder 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 cost continues to oscillate in a defined range. Acceptance above the 50 DMA is actually critical to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support during $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for additional downside alive.
Further, a failure to deliver a weekly closing above the vital short term hurdle of 21 DMA, also hints that more declines might stay in the offing.
However, the Fed’s finalized monetary policy decision of this season as well as a likely US fiscal stimulus deal might have a major impact on the gold price activity within the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65