Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub 1dolar1 1800 during the last week.
The sellers returned following the metallic faced rejection at the 50 daily shifting average (DMA), now at $1875.
On Wednesday, gold fell almost as one % to near the $1825 region plus invested the majority of the week meandering close to the latter, with the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price goes on to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA assistance 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 odds for further downside alive.
Further, a failure to provide a weekly closing over the essential short term hurdle of 21-DMA, also suggests that more declines might be in the offing.
Nonetheless, the Fed’s finalized monetary policy decision of this year as well as a probable US fiscal stimulus deal could have a significant effect 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 every day open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65