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 after the metal faced rejection at the 50-daily carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to close to the $1825 region and invested the majority of the week meandering near the latter, using the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the retail price goes on to oscillate in a determined range. Acceptance above the 50-DMA is critical to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200-DMA assistance during $1809 is the level to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.
Further, a failure to deliver a weekly closing over the essential short term hurdle of 21-DMA, also implies that more declines may just remain in the offing.
However, the Fed’s finalized monetary policy decision of this year and a likely US fiscal stimulus deal can have a major impact 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
Day SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65