Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi-month lows sub-1dolar1 1800 during the last week.
The sellers returned following the metal faced rejection at the 50-daily moving average (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to in close proximity to the $1825 region and invested the rest of the week meandering near the latter, while using upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50-DMA is critical to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support at $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for extra downside alive.
In addition, a failure to deliver a weekly closing on top of the vital short term hurdle of 21 DMA, also suggests that more declines may just be in the offing.
But, the Fed’s finalized monetary policy choice of this season along with a likely US fiscal stimulus deal can have a big influence on the gold price activity in the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Earlier 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
Day 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
Day Pivot Point R3 1873.65