Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub-1dolar1 1800 during the last week.
The sellers returned following the metal faced rejection at the 50 daily moving the everyday (DMA), now at $1875.
On Wednesday, gold fell as much as one % to close to the $1825 region plus paid 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 definitely shows that the cost continues to oscillate in a defined range. Acceptance above the 50 DMA is actually 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 during 47.01, keeping the chances for extra downside alive.
Further, a failure to give a weekly closing above the essential short term hurdle of 21-DMA, also suggests that more declines could be in the offing.
However, the Fed’s final monetary policy decision of this season and a likely US fiscal stimulus deal could have a significant effect 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
Day SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous 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
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65