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 after the alloy faced rejection at the 50-daily shifting typical (DMA), today at $1875.
On Wednesday, gold fell almost as 1 % to near the $1825 region plus invested the majority of the week meandering near the latter, with the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the retail price continues to oscillate in a defined range. Acceptance above the 50 DMA is critical to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200 DMA support during $1809 is the degree to beat 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 over the essential short-term hurdle of 21 DMA, also suggests that more declines may just stay in the offing.
However, the Fed’s finalized monetary policy choice of this season along with a likely US fiscal stimulus deal could have a significant impact on the gold price activity inside the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday 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
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65