Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned following the metal 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 rest of the week meandering near the latter, while using upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the retail price continues to oscillate in a determined 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 get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.
Further, a failure to give a weekly closing over the critical short term hurdle of 21 DMA, also suggests that more declines might stay in the offing.
Nevertheless, the Fed’s finalized monetary policy choice of this season and a probable US fiscal stimulus deal can have a big impact on the gold price action within 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
Everyday SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily 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
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65