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Commodities

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

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

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

On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region and spent the remainder of the week meandering close to the latter, using the upside tries capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the retail price continues 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 at $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for extra downside alive.

In addition, a failure to deliver a weekly closing over the crucial short term hurdle of 21-DMA, also suggests that more declines may just be in the offing.

However, the Fed’s final monetary policy decision of this season along with a probable US fiscal stimulus deal might have a big effect on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34

TRENDS
Day SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34

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

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