Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi-month lows sub-1dolar1 1800 in the last week.
The sellers returned following the metallic faced rejection at the 50-daily carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region plus paid the rest of the week meandering close to the latter, using the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the price proceeds 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 during $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.
In addition, a failure to give a weekly closing above the essential short-term hurdle of 21-DMA, also implies that more declines might be in the offing.
Nevertheless, the Fed’s finalized monetary policy choice of this season and a probable US fiscal stimulus deal can have a big impact on the gold price activity within the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Everyday 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
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous 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
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65