Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub-1dolar1 1800 within 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 almost as 1 % to in close proximity to the $1825 region plus spent the rest 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 daily chart clearly shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50-DMA is essential to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200 DMA assistance during $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.
In addition, a failure to deliver a weekly closing above the essential short term hurdle of 21-DMA, also suggests that more declines might remain in the offing.
Nevertheless, the Fed’s finalized monetary policy decision of this year along with a probable US fiscal stimulus deal can have a significant influence on the gold price action in the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Day 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
Earlier Monthly Low 1764.6
Day 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
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65