Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi-month lows sub-1dolar1 1800 during the last week.
The sellers returned following the alloy faced rejection at the 50-daily moving typical (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to close to the $1825 region and invested the majority 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 clearly shows that the price goes on to oscillate in a determined range. Acceptance above the 50 DMA is actually essential to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200 DMA support during $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for extra downside alive.
Further, a failure to provide a weekly closing above the vital short-term hurdle of 21 DMA, also implies that more declines could stay in the offing.
However, the Fed’s finalized monetary policy decision of this season along with a probable US fiscal stimulus deal might have a big influence on the gold price activity in the week ahead.
Gold Additional levels
These days last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Everyday SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Day 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
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65