Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub 1dolar1 1800 during the last week.
The sellers returned after the metal faced rejection at the 50-daily shifting average (DMA), now at $1875.
On Wednesday, gold fell almost as one % to in close proximity to the $1825 region and spent the majority of the week meandering close to the latter, with the upside tries 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 determined range. Acceptance above the 50 DMA is critical to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA assistance at $1809 is the degree to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for additional downside alive.
Additionally, a failure to deliver a weekly closing on top of the critical short-term hurdle of 21 DMA, also hints that more declines could remain in the offing.
Nonetheless, the Fed’s finalized monetary policy decision of this year as well as a likely US fiscal stimulus deal can have a major impact on the gold price action within the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65