Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi-month lows sub 1dolar1 1800 during the last week.
The sellers returned after the alloy faced rejection at the 50 daily carrying average (DMA), now at $1875.
On Wednesday, gold fell almost as one % to close to the $1825 region plus invested the remainder of the week meandering near the latter, with the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the price continues to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200-DMA support during $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for extra downside alive.
Further, a failure to give a weekly closing on top of the crucial short-term hurdle of 21 DMA, also hints that more declines could be in the offing.
Nevertheless, the Fed’s finalized monetary policy decision of this year as well as a probable US fiscal stimulus deal could have a big impact on the gold price action within the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65