Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi month lows sub 1dolar1 1800 during the last week.
The sellers returned following the metallic faced rejection at the 50 daily moving the everyday (DMA), today at $1875.
On Wednesday, gold fell almost as 1 % to near the $1825 region plus paid 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 clearly shows that the price goes on to oscillate in a defined 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 at 47.01, keeping the odds for further downside alive.
Additionally, a failure to provide a weekly closing above the essential short term hurdle of 21-DMA, also implies that more declines might be in the offing.
But, the Fed’s final monetary policy decision of this year along with a likely US fiscal stimulus deal might have a big impact on the gold price action within the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
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
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65