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Commodities

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

Gold (XAU/USD) resumed the bearish momentum of its 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 moving average (DMA), now at $1875.

On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region and paid the majority 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 daily chart definitely shows that the price proceeds to oscillate in a determined range. Acceptance above the 50-DMA is critical to reviving the recovery momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA assistance during $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for additional downside alive.

Further, a failure to deliver a weekly closing on top of the essential short-term hurdle of 21-DMA, also hints that more declines may just remain in the offing.

However, the Fed’s finalized monetary policy decision of this season and a probable US fiscal stimulus deal can have a significant impact on the gold price action inside the week ahead.

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

TRENDS
Day SMA20 1838.62
Daily 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
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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