Categories
Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs in front of Fed week

Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi month lows sub 1dolar1 1800 in the last week.

The sellers returned following the alloy faced rejection at the 50 daily moving the everyday (DMA), today at $1875.

On Wednesday, gold fell pretty much as one % to close to the $1825 region plus invested the majority of the week meandering near the latter, while using upside attempts capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the price goes on to oscillate in a determined range. Acceptance above the 50 DMA is essential to reviving the healing momentum from four-month troughs of $1765.

Meanwhile, the 200 DMA support during $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.

Additionally, a failure to give a weekly closing above the essential short-term hurdle of 21 DMA, also implies that more declines might stay in the offing.

Nevertheless, the Fed’s final monetary policy choice of this year as well as a likely US fiscal stimulus deal might have a significant effect on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34

TRENDS
Daily SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34

LEVELS
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
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

Leave a Reply

Your email address will not be published. Required fields are marked *