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Commodities

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

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

The sellers returned following the alloy faced rejection at the 50-daily carrying average (DMA), now at $1875.

On Wednesday, gold fell as much as one % to close to the $1825 region plus paid the remainder of the week meandering near the latter, using 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 continues to oscillate in a determined range. Acceptance above the 50-DMA is critical to reviving the recovery momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA assistance during $1809 is the degree to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.

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

But, the Fed’s finalized monetary policy decision of this year as well as a probable US fiscal stimulus deal can have a major effect on the gold price action inside 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
Everyday SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34

LEVELS
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday 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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