Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi-month lows sub-1dolar1 1800 during the last week.
The sellers returned following the metallic faced rejection at the 50-daily carrying typical (DMA), today at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region plus spent the majority of the week meandering close to the latter, while using upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50-DMA is actually essential to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200-DMA assistance 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 odds for additional downside alive.
Additionally, a failure to give a weekly closing over the vital short term hurdle of 21 DMA, also hints that more declines may just stay in the offing.
Nonetheless, the Fed’s final monetary policy decision of this season and a likely US fiscal stimulus deal could have a significant impact on the gold price activity in the week ahead.
Gold Additional levels
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Everyday SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day 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
Everyday Pivot Point R3 1873.65