Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi month lows sub 1dolar1 1800 in the last week.
The sellers returned following the alloy faced rejection at the 50 daily carrying average (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 close to the latter, with the upside tries 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 determined range. Acceptance above the 50-DMA is actually critical to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200-DMA assistance during $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 odds for extra downside alive.
Additionally, a failure to provide a weekly closing on top of the crucial short term hurdle of 21 DMA, also suggests that more declines may just remain in the offing.
Nonetheless, the Fed’s finalized monetary policy decision of this year and a probable US fiscal stimulus deal could have a big impact on the gold price action inside the week ahead.
Gold Additional levels
These days last 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
Day SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65