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Commodities

Gold Price Analysis: XAU/USD remains caught between main DMAs ahead of Fed week

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

The sellers returned after the metal faced rejection at the 50-daily moving typical (DMA), today at $1875.

On Wednesday, gold fell as much as one % to close to the $1825 region and paid the remainder of the week meandering close to 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 price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is critical to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200-DMA assistance at $1809 is the level 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.

Further, a failure to give a weekly closing on top of the vital short term hurdle of 21-DMA, also suggests that more declines could stay in the offing.

However, the Fed’s final monetary policy decision of this season along with a probable US fiscal stimulus deal can have a major impact on the gold price action in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34

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

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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