Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub 1dolar1 1800 in the last week.
The sellers returned following the alloy faced rejection at the 50 daily moving the everyday (DMA), now at $1875.
On Wednesday, gold fell almost as one % to near the $1825 region plus paid the majority of the week meandering near the latter, using the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the retail price goes on to oscillate in a determined range. Acceptance above the 50 DMA is essential to reviving the retrieval 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 extra downside alive.
In addition, a failure to provide a weekly closing over the vital short-term hurdle of 21-DMA, also suggests that more declines may just stay in the offing.
Nevertheless, the Fed’s finalized monetary policy decision of this year along with a probable US fiscal stimulus deal can have a significant 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
Now daily open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65