Gold (XAU/USD) resumed the bearish momentum of its following a short recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned after the alloy faced rejection at the 50-daily carrying average (DMA), now at $1875.
On Wednesday, gold fell almost as 1 % to close to the $1825 region plus spent the rest 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 daily chart clearly shows that the price continues to oscillate in a determined range. Acceptance above the 50-DMA is actually important to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200 DMA assistance during $1809 is the degree to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for additional downside alive.
In addition, a failure to give a weekly closing over the crucial short term hurdle of 21 DMA, also implies that more declines might be in the offing.
However, the Fed’s final monetary policy choice of this year and a probable US fiscal stimulus deal might have a significant impact on the gold price activity inside the week ahead.
Gold Additional levels
XAU/USD
OVERVIEW
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
TRENDS
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34
LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65