Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi month lows sub-1dolar1 1800 in the last week.
The sellers returned after the metallic faced rejection at the 50 daily moving typical (DMA), today at $1875.
On Wednesday, gold fell as much as 1 % to close to the $1825 region plus invested the majority of the week meandering close to the latter, with the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50 DMA is actually critical to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200-DMA assistance 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 odds for further downside alive.
Further, a failure to provide a weekly closing on top of the crucial short-term hurdle of 21-DMA, also suggests that more declines might be in the offing.
However, the Fed’s finalized monetary policy decision of this season as well as a likely US fiscal stimulus deal can have a major influence on the gold price action within the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous 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
Day 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
Daily Pivot Point R3 1873.65