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Commodities

Gold Price Analysis: XAU/USD continues to be caught between key DMAs ahead of Fed week

Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi month lows sub-1dolar1 1800 within the last week.

The sellers returned after the metallic faced rejection at the 50-daily moving the everyday (DMA), now at $1875.

On Wednesday, gold fell as much as 1 % to near the $1825 region plus spent the remainder of the week meandering close to the latter, while using upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the cost goes on to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200-DMA support at $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 additional downside alive.

In addition, a failure to provide a weekly closing on top of the crucial short term hurdle of 21 DMA, also implies that more declines could stay in the offing.

However, the Fed’s finalized monetary policy choice of this year along with a probable US fiscal stimulus deal could have a significant impact on the gold price activity within the week ahead.

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

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

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

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