Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi month lows sub-1dolar1 1800 during the last week.
The sellers returned following the metallic faced rejection at the 50-daily carrying typical (DMA), now at $1875.
On Wednesday, gold fell as much as 1 % to in close proximity to the $1825 region and invested the rest of the week meandering close to the latter, while using upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price continues to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200-DMA support during $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra 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 might stay in the offing.
But, the Fed’s finalized monetary policy decision of this year as well as a probable US fiscal stimulus deal might have a big impact on the gold price activity inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65