Categories
Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs in front 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 metallic faced rejection at the 50-daily carrying average (DMA), today at $1875.

On Wednesday, gold fell as much as one % to close to the $1825 region plus spent the remainder of the week meandering near the latter, with the upside attempts capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the price goes on to oscillate in a determined range. Acceptance above the 50 DMA is critical to reviving the healing 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 extra downside alive.

Additionally, a failure to deliver a weekly closing above the critical short-term hurdle of 21-DMA, also hints that more declines might be in the offing.

Nevertheless, the Fed’s final monetary policy choice of this year and a likely US fiscal stimulus deal might have a major impact 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
Today every day open 1839.34

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

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

Leave a Reply

Your email address will not be published. Required fields are marked *