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Commodities

Gold Price Analysis: XAU/USD continues to be caught between key DMAs ahead of Fed week

Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub 1dolar1 1800 within the last week.

The sellers returned following the metallic faced rejection at the 50 daily shifting the everyday (DMA), today at $1875.

On Wednesday, gold fell almost as 1 % to near the $1825 region and paid the remainder of the week meandering near the latter, with the upside endeavors capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the retail price continues to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200 DMA assistance during $1809 is the degree to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for further downside alive.

In addition, a failure to give a weekly closing over the essential short-term hurdle of 21-DMA, also hints that more declines may just remain in the offing.

But, the Fed’s finalized monetary policy choice of this year along with a likely US fiscal stimulus deal could have a significant impact on the gold price activity inside the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34

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

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

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