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Commodities

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

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

The sellers returned following the metal faced rejection at the 50 daily carrying average (DMA), today at $1875.

On Wednesday, gold fell as much as one % to near the $1825 region plus paid the rest of the week meandering near the latter, while using upside tries capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the price goes on to oscillate in a determined range. Acceptance above the 50 DMA is critical to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200 DMA assistance during $1809 is the degree to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for extra downside alive.

Additionally, a failure to provide a weekly closing over the critical short term hurdle of 21 DMA, also suggests that more declines may just remain in the offing.

Nonetheless, the Fed’s final monetary policy decision of this season along with a probable US fiscal stimulus deal could have a significant impact on the gold price action within the week ahead.

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

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

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

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