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 alloy faced rejection at the 50-daily shifting the everyday (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to close to the $1825 region plus paid the rest of the week meandering near the latter, using the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the retail price proceeds to oscillate in a determined range. Acceptance above the 50 DMA is actually essential to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA assistance 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.
Further, a failure to give a weekly closing over the vital short-term hurdle of 21-DMA, also hints that more declines could stay in the offing.
Nonetheless, the Fed’s finalized monetary policy choice of this season along with a probable US fiscal stimulus deal could have a significant effect on the gold price action in the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous 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
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65