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Commodities

Gold Price Analysis: XAU/USD remains trapped between key DMAs in front of Fed week

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

The sellers returned after the metal faced rejection at the 50 daily moving typical (DMA), today at $1875.

On Wednesday, gold fell almost as one % to close to the $1825 region plus paid the majority 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 definitely shows that the price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200 DMA assistance 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.

Further, a failure to give a weekly closing above 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 likely US fiscal stimulus deal can have a significant influence on the gold price activity inside 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 daily open 1839.34

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

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day 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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