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Commodities

Gold Price Analysis: XAU/USD remains caught between key DMAs in front 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 after the metallic faced rejection at the 50 daily carrying the everyday (DMA), today at $1875.

On Wednesday, gold fell as much as 1 % to in close proximity to the $1825 region plus spent the majority of the week meandering close to the latter, using the upside endeavors capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the price continues 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 at $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for further downside alive.

Further, a failure to provide a weekly closing above the essential short-term hurdle of 21 DMA, also suggests that more declines may just remain in the offing.

However, the Fed’s final monetary policy decision of this year as well as a probable US fiscal stimulus deal could have a big influence on the gold price activity inside the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34

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

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Day 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
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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