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 after the metallic faced rejection at the 50 daily carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to near the $1825 region and spent the rest of the week meandering close to 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 defined range. Acceptance above the 50 DMA is actually important to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200-DMA assistance at $1809 is the degree to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for further downside alive.
Additionally, a failure to deliver a weekly closing over the essential short term hurdle of 21 DMA, also implies that more declines may just stay in the offing.
But, the Fed’s final monetary policy choice of this season along with a likely US fiscal stimulus deal could have a major effect on the gold price activity in the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous 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
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65