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Commodities

Gold Price Analysis: XAU/USD remains caught between key DMAs ahead of Fed week

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

The sellers returned after the metallic faced rejection at the 50 daily moving the everyday (DMA), today at $1875.

On Wednesday, gold fell almost as 1 % to close to the $1825 region plus paid the majority of the week meandering close to the latter, with the upside endeavors capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the price goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually critical to reviving the retrieval 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 during 47.01, keeping the chances for additional downside alive.

In addition, a failure to give a weekly closing on top of the critical short-term hurdle of 21 DMA, also implies that more declines could be in the offing.

But, the Fed’s final monetary policy decision of this year along with a probable US fiscal stimulus deal might have a major influence 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
Daily SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34

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

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