Gold (XAU/USD) resumed the bearish momentum of its following a short recovery from multi-month lows sub-1dolar1 1800 in the last week.
The sellers returned after the metal faced rejection at the 50-daily carrying average (DMA), today at $1875.
On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region plus paid the remainder of the week meandering near the latter, with the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the cost continues 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 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 chances for extra downside alive.
Further, a failure to provide a weekly closing over the vital short term hurdle of 21 DMA, also implies that more declines might stay in the offing.
But, the Fed’s final monetary policy choice of this season as well as a probable US fiscal stimulus deal might have a big effect on the gold price activity in the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65