Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned after the metal faced rejection at the 50 daily moving the everyday (DMA), now at $1875.
On Wednesday, gold fell pretty much as 1 % to close to the $1825 region and spent the rest of the week meandering near the latter, with the upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the retail price proceeds to oscillate in a determined range. Acceptance above the 50-DMA is essential to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA assistance during $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for further downside alive.
Further, a failure to give a weekly closing above the critical short term hurdle of 21-DMA, also hints that more declines may just remain in the offing.
However, the Fed’s final monetary policy choice of this season as well as a probable US fiscal stimulus deal might have a major impact on the gold price action within the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Everyday SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Earlier 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
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65