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 following the metallic faced rejection at the 50-daily moving the everyday (DMA), now at $1875.
On Wednesday, gold fell as much as 1 % to close to the $1825 region plus invested the rest of the week meandering near the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price proceeds to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA assistance at $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for further downside alive.
Further, a failure to deliver a weekly closing above the vital short term hurdle of 21 DMA, also suggests that more declines might remain in the offing.
However, the Fed’s finalized monetary policy decision of this season as well as a likely US fiscal stimulus deal can have a big influence on the gold price action in the week ahead.
Gold Additional levels
These days 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
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65