Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub-1dolar1 1800 during the last week.
The sellers returned after the metal faced rejection at the 50-daily shifting average (DMA), now at $1875.
On Wednesday, gold fell as much as one % to near the $1825 region and invested the majority of the week meandering near the latter, using the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the price goes on to oscillate in a defined range. Acceptance above the 50-DMA is essential to reviving the recovery momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support at $1809 is the degree 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.
Further, a failure to provide a weekly closing on top of the vital short-term hurdle of 21 DMA, also implies that more declines could be in the offing.
Nonetheless, the Fed’s finalized monetary policy decision of this season as well as a likely US fiscal stimulus deal can have a significant effect on the gold price activity within the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Everyday 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
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65