Gold (XAU/USD) resumed the bearish momentum of its following a short 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 the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to close to the $1825 region and spent the majority of the week meandering close to the latter, using the upside tries 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 recovery momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA support at $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for additional downside alive.
In addition, a failure to deliver a weekly closing above the critical short-term hurdle of 21-DMA, also hints that more declines might remain in the offing.
Nonetheless, the Fed’s finalized monetary policy choice of this season and a likely US fiscal stimulus deal might have a major influence 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
Now every day open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday 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
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65