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Commodities

Gold Price Analysis: XAU/USD remains caught between main DMAs in front of Fed week

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

The sellers returned following the metal faced rejection at the 50-daily carrying the everyday (DMA), now at $1875.

On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region plus invested the rest of the week meandering near the latter, while using upside endeavors 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 determined range. Acceptance above the 50-DMA is important to reviving the healing momentum from four-month troughs of $1765.

Meanwhile, the 200 DMA support at $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for additional downside alive.

In addition, a failure to provide a weekly closing on top of the vital short term hurdle of 21-DMA, also hints that more declines may just be in the offing.

However, the Fed’s finalized monetary policy choice of this season and a probable US fiscal stimulus deal can have a significant influence on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34

TRENDS
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Everyday SMA200 1809.34

LEVELS
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
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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