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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between main 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 in the last week.

The sellers returned following the alloy faced rejection at the 50 daily shifting average (DMA), now at $1875.

On Wednesday, gold fell almost as 1 % to near the $1825 region plus paid the remainder of the week meandering near the latter, with the upside attempts capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the retail price proceeds to oscillate in a defined range. Acceptance above the 50-DMA is actually essential to reviving the retrieval 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 chances for extra downside alive.

In addition, a failure to deliver a weekly closing above the crucial short-term hurdle of 21-DMA, also hints that more declines could stay in the offing.

But, the Fed’s final monetary policy decision of this year along with a probable US fiscal stimulus deal could have a significant influence on the gold price action within the week ahead.

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

TRENDS
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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