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 shifting average (DMA), today at $1875.
On Wednesday, gold fell pretty much as one % to close to the $1825 region and paid the rest of the week meandering close to the latter, while using upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the retail price goes on to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200-DMA support during $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for further downside alive.
Additionally, a failure to provide a weekly closing over the vital short term hurdle of 21-DMA, also implies that more declines might stay in the offing.
However, the Fed’s final monetary policy choice of this season along with a likely US fiscal stimulus deal can have a major influence on the gold price action within the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Everyday SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65