Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi month lows sub 1dolar1 1800 in the last week.
The sellers returned after the alloy faced rejection at the 50-daily shifting typical (DMA), now at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region and invested the rest 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 proceeds to oscillate in a determined range. Acceptance above the 50-DMA is essential to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA assistance during $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.
Additionally, a failure to deliver a weekly closing on top of the critical short-term hurdle of 21 DMA, also implies that more declines could stay in the offing.
Nevertheless, the Fed’s final monetary policy decision of this year and a probable US fiscal stimulus deal could have a big influence on the gold price action in the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day 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