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Commodities

Gold Price Analysis: XAU/USD remains caught between key DMAs ahead of Fed week

Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi-month lows sub 1dolar1 1800 in the last week.

The sellers returned following the metallic faced rejection at the 50 daily moving the everyday (DMA), today at $1875.

On Wednesday, gold fell almost as one % to near the $1825 region and spent the remainder of the week meandering close to the latter, while using upside attempts capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the retail price goes on to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the retrieval momentum from four month troughs of $1765.

Meanwhile, the 200 DMA support during $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for extra downside alive.

Additionally, a failure to deliver a weekly closing over the essential short-term hurdle of 21 DMA, also hints that more declines could stay in the offing.

But, the Fed’s final monetary policy decision of this season along with a likely US fiscal stimulus deal might have a major influence on the gold price activity in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34

TRENDS
Daily SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Daily SMA200 1809.34

LEVELS
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
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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