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Commodities

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

Gold (XAU/USD) resumed its bearish momentum following a brief 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 typical (DMA), today at $1875.

On Wednesday, gold fell pretty much as one % to near the $1825 region and spent the rest of the week meandering close to the latter, while using upside endeavors capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the retail price continues to oscillate in a defined range. Acceptance above the 50 DMA is critical to reviving the retrieval momentum from four month troughs of $1765.

Meanwhile, the 200-DMA assistance at $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 further downside alive.

Additionally, a failure to give a weekly closing on top of the critical short term hurdle of 21-DMA, also hints that more declines could be in the offing.

Nevertheless, the Fed’s finalized monetary policy decision of this season as well as a likely US fiscal stimulus deal could have a big impact on the gold price action inside the week ahead.

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

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

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

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