Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned following the alloy faced rejection at the 50 daily shifting the everyday (DMA), now at $1875.
On Wednesday, gold fell as much as 1 % to close to the $1825 region plus invested the rest of the week meandering near the latter, with the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the cost 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 support during $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 extra downside alive.
In addition, a failure to provide a weekly closing on top of the essential short term hurdle of 21 DMA, also implies that more declines may just remain in the offing.
However, the Fed’s finalized monetary policy decision of this season along with a likely US fiscal stimulus deal could have a big impact on the gold price activity inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Everyday SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65