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 carrying typical (DMA), today at $1875.
On Wednesday, gold fell as much as one % to near the $1825 region plus invested the remainder of the week meandering close to the latter, using the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the price goes on to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the healing 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 during 47.01, keeping the odds for additional downside alive.
In addition, a failure to deliver a weekly closing over the critical short term hurdle of 21 DMA, also suggests that more declines could remain in the offing.
However, the Fed’s final monetary policy choice of this year and a probable US fiscal stimulus deal can have a significant influence on the gold price activity inside the week ahead.
Gold Additional levels
These days last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Daily 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
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65