Gold (XAU/USD) resumed the bearish momentum of its following a short 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 close to the $1825 region plus invested the rest of the week meandering close to the latter, with the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the price proceeds to oscillate in a defined range. Acceptance above the 50-DMA is important to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA assistance 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 further downside alive.
Additionally, a failure to provide a weekly closing over the crucial short-term hurdle of 21 DMA, also suggests that more declines could remain in the offing.
However, the Fed’s finalized monetary policy decision of this year along with a likely US fiscal stimulus deal can have a big effect on the gold price activity in the week ahead.
Gold Additional levels
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Earlier 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
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65