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Commodities

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

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

The sellers returned after the alloy faced rejection at the 50 daily moving average (DMA), today at $1875.

On Wednesday, gold fell as much as one % to near the $1825 region and invested the majority of the week meandering near 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 retail price goes on to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the recovery 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 at 47.01, keeping the chances for extra downside alive.

Further, a failure to give a weekly closing over the vital short-term hurdle of 21 DMA, also suggests that more declines might stay in the offing.

Nonetheless, the Fed’s finalized monetary policy choice of this year along with a likely US fiscal stimulus deal can have a big impact on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34

TRENDS
Day SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Day 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
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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