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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 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 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 near 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 goes on to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200-DMA support 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 extra downside alive.

Further, a failure to give a weekly closing above the essential short term hurdle of 21-DMA, also hints that more declines could remain in the offing.

But, the Fed’s final monetary policy choice of this year as well as a probable US fiscal stimulus deal can have a significant effect on the gold price action in 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
Daily SMA100 1910.26
Daily SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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