Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi-month lows sub 1dolar1 1800 in the last week.
The sellers returned following the metallic faced rejection at the 50 daily shifting the everyday (DMA), today at $1875.
On Wednesday, gold fell almost as one % to near the $1825 region plus paid the majority of the week meandering near the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price continues to oscillate in a defined range. Acceptance above the 50 DMA is actually critical to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200-DMA support at $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for further downside alive.
Additionally, a failure to provide a weekly closing above the essential short term hurdle of 21 DMA, also implies that more declines could stay in the offing.
Nevertheless, the Fed’s final monetary policy decision of this year and a probable US fiscal stimulus deal might have a significant impact on the gold price action inside the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous 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
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65