Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub 1dolar1 1800 within the last week.
The sellers returned following the alloy faced rejection at the 50 daily moving average (DMA), now at $1875.
On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region plus invested the majority of the week meandering near the latter, using the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the cost 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 assistance at $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.
Additionally, a failure to provide a weekly closing over the crucial short term hurdle of 21-DMA, also hints that more declines might remain in the offing.
Nevertheless, the Fed’s final monetary policy decision of this year and a probable US fiscal stimulus deal could have a significant effect on the gold price activity in the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65