Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned following the alloy faced rejection at the 50 daily carrying typical (DMA), now at $1875.
On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region plus invested 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 cost goes on to oscillate in a defined range. Acceptance above the 50 DMA is actually important to reviving the healing 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 at 47.01, keeping the chances for further downside alive.
Further, a failure to give a weekly closing over the vital short-term hurdle of 21-DMA, also implies that more declines might be in the offing.
However, the Fed’s final monetary policy decision of this year and a probable US fiscal stimulus deal can have a significant influence on the gold price activity in the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday 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