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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between main 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 in the last week.

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

On Wednesday, gold fell as much as one % to close to the $1825 region and invested the remainder 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 definitely shows that the price proceeds to oscillate in a determined range. Acceptance above the 50-DMA is critical 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 during 47.01, keeping the chances for further downside alive.

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

But, the Fed’s final monetary policy choice of this season along with a probable US fiscal stimulus deal can have a major influence on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34

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

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

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