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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs ahead of Fed week

Gold (XAU/USD) resumed the bearish momentum of its following a brief 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 the everyday (DMA), today at $1875.

On Wednesday, gold fell pretty much as one % to near the $1825 region and spent the remainder 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 day chart definitely shows that the retail price goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually important to reviving the retrieval momentum from four month troughs of $1765.

Meanwhile, the 200-DMA support at $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.

Additionally, a failure to deliver a weekly closing above the critical short term hurdle of 21 DMA, also suggests that more declines might be in the offing.

Nevertheless, the Fed’s final monetary policy choice of this season along with a likely US fiscal stimulus deal might have a major effect on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34

TRENDS
Everyday SMA20 1838.62
Daily SMA50 1874.97
Everyday SMA100 1910.26
Daily SMA200 1809.34

LEVELS
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
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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