Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi-month lows sub 1dolar1 1800 within the last week.
The sellers returned following the metal faced rejection at the 50-daily carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to near the $1825 region plus spent the remainder 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 price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is actually critical to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200-DMA support at $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for further downside alive.
In addition, a failure to give a weekly closing over the crucial short term hurdle of 21 DMA, also implies that more declines might be in the offing.
Nevertheless, the Fed’s final monetary policy choice of this year along with a probable US fiscal stimulus deal can have a big influence on the gold price activity within the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Everyday SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
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
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65