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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between main DMAs in front of Fed week

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

The sellers returned after the alloy faced rejection at the 50 daily shifting typical (DMA), now at $1875.

On Wednesday, gold fell pretty much as 1 % to close to the $1825 region plus paid 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 clearly shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50-DMA is actually essential to reviving the retrieval momentum from four-month troughs of $1765.

Meanwhile, the 200 DMA support during $1809 is the degree to beat 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 above the vital short-term hurdle of 21 DMA, also suggests that more declines might stay in the offing.

However, the Fed’s finalized monetary policy decision of this season as well as a probable US fiscal stimulus deal can have a significant effect on the gold price action within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today 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
Daily SMA100 1910.26
Everyday SMA200 1809.34

LEVELS
Previous 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
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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