Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi month lows sub 1dolar1 1800 during the last week.
The sellers returned after the metallic faced rejection at the 50 daily carrying average (DMA), today at $1875.
On Wednesday, gold fell almost as one % to close to the $1825 region plus paid the majority of the week meandering near 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 price goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually important to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support at $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 further downside alive.
Further, a failure to provide a weekly closing on top of the critical short term hurdle of 21 DMA, also suggests that more declines could remain in the offing.
Nonetheless, the Fed’s final monetary policy choice of this year along with a probable US fiscal stimulus deal can have a major influence on the gold price activity within the week ahead.
Gold Additional levels
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65