Gold (XAU/USD) resumed the bearish momentum of its following a short recovery from multi month lows sub-1dolar1 1800 in the last week.
The sellers returned following the metal faced rejection at the 50 daily carrying average (DMA), now at $1875.
On Wednesday, gold fell pretty much as 1 % to near the $1825 region and invested the remainder of the week meandering near the latter, with the upside tries capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the retail price continues to oscillate in a determined range. Acceptance above the 50 DMA is important to reviving the recovery momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support at $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 odds for additional downside alive.
Further, a failure to provide a weekly closing over the crucial short term hurdle of 21 DMA, also implies that more declines might remain in the offing.
Nonetheless, the Fed’s finalized monetary policy decision of this year along with a likely US fiscal stimulus deal could have a big effect on the gold price action inside the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Everyday SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65