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 following the metal faced rejection at the 50 daily carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell almost as 1 % to near the $1825 region plus paid the majority of the week meandering close to the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the cost goes on to oscillate in a defined range. Acceptance above the 50 DMA is critical to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA assistance during $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 further downside alive.
Additionally, a failure to deliver a weekly closing over the essential short term hurdle of 21 DMA, also hints that more declines could be in the offing.
Nevertheless, the Fed’s finalized monetary policy choice of this season and a probable US fiscal stimulus deal could have a significant effect on the gold price action inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65