Gold (XAU/USD) resumed its bearish momentum 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 the everyday (DMA), now at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region plus invested the remainder of the week meandering close to the latter, using the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the cost goes on to oscillate in a determined range. Acceptance above the 50-DMA is important to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200-DMA assistance at $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 chances for additional downside alive.
Additionally, a failure to deliver a weekly closing above the vital short term hurdle of 21 DMA, also hints that more declines could be in the offing.
However, the Fed’s final monetary policy choice of this year as well as a likely US fiscal stimulus deal could have a significant influence on the gold price activity within the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier 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
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65