Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned following the metallic faced rejection at the 50-daily carrying average (DMA), now at $1875.
On Wednesday, gold fell as much as one % to near the $1825 region plus paid the majority of the week meandering close to the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the price goes on to oscillate in a defined range. Acceptance above the 50-DMA is actually essential to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA assistance during $1809 is the degree 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.
Further, a failure to give a weekly closing on top of the vital short-term hurdle of 21 DMA, also suggests that more declines might be in the offing.
Nonetheless, the Fed’s finalized monetary policy choice of this year along with a likely US fiscal stimulus deal might have a significant impact on the gold price action 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
Day SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65