Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi month lows sub-1dolar1 1800 within the last week.
The sellers returned following the alloy faced rejection at the 50-daily carrying average (DMA), today at $1875.
On Wednesday, gold fell as much as 1 % to close to the $1825 region plus invested the rest 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 day chart clearly shows that the retail price continues to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200 DMA support during $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for extra downside alive.
Additionally, a failure to provide a weekly closing over the essential short-term hurdle of 21 DMA, also implies that more declines could remain in the offing.
But, the Fed’s finalized monetary policy choice of this season along with a probable US fiscal stimulus deal can have a big impact on the gold price action within the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65