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Commodities

Gold Price Analysis: XAU/USD continues to be caught between main DMAs in front of Fed week

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

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

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

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the retrieval 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 additional downside alive.

Further, a failure to deliver a weekly closing above the crucial short term hurdle of 21 DMA, also hints that more declines may just stay in the offing.

However, the Fed’s finalized monetary policy decision of this year as well as a probable US fiscal stimulus deal could have a major impact on the gold price activity in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34

TRENDS
Day SMA20 1838.62
Day SMA50 1874.97
Everyday 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
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day 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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