Gold (XAU/USD) resumed its bearish momentum following a quick 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), today at $1875.
On Wednesday, gold fell as much as 1 % to near the $1825 region and paid the rest of the week meandering close to the latter, using the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price continues to oscillate in a determined range. Acceptance above the 50-DMA is important to reviving the recovery 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 during 47.01, keeping the odds for further downside alive.
In addition, a failure to give a weekly closing on top of the essential short term hurdle of 21-DMA, also hints that more declines might stay in the offing.
But, the Fed’s finalized monetary policy choice of this year and a probable US fiscal stimulus deal might have a major influence on the gold price action within the week ahead.
Gold Additional levels
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous 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
Everyday 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