Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub 1dolar1 1800 in the last week.
The sellers returned after the metal faced rejection at the 50-daily moving typical (DMA), now at $1875.
On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region plus spent the rest of the week meandering near the latter, while using upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price goes on to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the healing 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 additional downside alive.
Further, a failure to provide a weekly closing over the crucial short-term hurdle of 21-DMA, also hints that more declines might be in the offing.
However, the Fed’s finalized monetary policy choice of this season along with a probable US fiscal stimulus deal could have a major influence on the gold price action within the week ahead.
Gold Additional levels
These days last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65