Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi month lows sub-1dolar1 1800 during 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 in close proximity to the $1825 region and invested the majority of the week meandering close to the latter, using the upside tries capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50 DMA is essential to reviving the healing 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 odds for further downside alive.
Further, a failure to provide a weekly closing over the critical short term hurdle of 21 DMA, also implies that more declines may just remain in the offing.
However, the Fed’s finalized monetary policy decision of this season and a likely US fiscal stimulus deal can have a significant effect on the gold price activity in the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Earlier 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
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily 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