Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi-month lows sub-1dolar1 1800 during the last week.
The sellers returned following the metallic faced rejection at the 50 daily shifting average (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to close to the $1825 region and invested the majority of the week meandering close to the latter, with the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price proceeds 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 assistance during $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for additional downside alive.
In addition, a failure to deliver a weekly closing on top of the critical short term hurdle of 21-DMA, also implies that more declines may just be in the offing.
Nevertheless, the Fed’s finalized monetary policy choice of this season as well as a likely US fiscal stimulus deal might have a big impact on the gold price action in the week ahead.
Gold Additional levels
XAU/USD
OVERVIEW
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
TRENDS
Day SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65
