Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi month lows sub 1dolar1 1800 during 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 pretty much as 1 % to near the $1825 region plus spent the majority of the week meandering close to the latter, while using upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the cost 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 support during $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for additional downside alive.
Further, a failure to give a weekly closing over the crucial short term hurdle of 21 DMA, also suggests that more declines may just remain in the offing.
However, the Fed’s finalized monetary policy choice of this season along with a probable US fiscal stimulus deal might have a significant influence on the gold price activity 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
Day SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier 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
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65