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Commodities

Gold Price Analysis: XAU/USD remains caught between key DMAs ahead of Fed week

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

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

On Wednesday, gold fell as much as 1 % to in close proximity to the $1825 region plus spent the majority of the week meandering close to the latter, while using upside tries capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the price goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually important to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200 DMA assistance at $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for further downside alive.

Additionally, a failure to deliver a weekly closing above the vital short-term hurdle of 21 DMA, also suggests that more declines could stay in the offing.

However, the Fed’s finalized monetary policy choice of this season along with a probable US fiscal stimulus deal might have a major influence on the gold price activity in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34

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

LEVELS
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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