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 after the metallic faced rejection at the 50-daily carrying the everyday (DMA), now at $1875.
On Wednesday, gold fell almost as 1 % to close to the $1825 region and spent the remainder of the week meandering near the latter, using the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the retail price goes on to oscillate in a defined range. Acceptance above the 50 DMA is actually critical to reviving the recovery momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA assistance at $1809 is the degree to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for additional downside alive.
Further, a failure to give a weekly closing over the vital short term hurdle of 21-DMA, also hints that more declines could remain in the offing.
Nonetheless, the Fed’s final monetary policy choice of this year and a probable US fiscal stimulus deal could have a big impact on the gold price action in the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier 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
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65