Gold (XAU/USD) resumed the bearish momentum of its following a quick 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 average (DMA), now at $1875.
On Wednesday, gold fell almost as one % to near the $1825 region plus spent the rest of the week meandering near 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 cost proceeds 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 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 chances for additional downside alive.
In addition, a failure to provide a weekly closing on top of the vital short-term hurdle of 21 DMA, also hints that more declines may just remain in the offing.
Nevertheless, the Fed’s final monetary policy decision of this season and a probable US fiscal stimulus deal might have a major influence on the gold price activity within the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65