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Commodities

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

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

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

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region and paid the majority 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 price goes on to oscillate in a determined range. Acceptance above the 50 DMA is essential to reviving the retrieval momentum from four-month troughs of $1765.

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

In addition, a failure to provide a weekly closing over the vital short term hurdle of 21 DMA, also hints that more declines could be in the offing.

Nonetheless, the Fed’s finalized monetary policy choice of this season as well as a likely US fiscal stimulus deal can have a major influence on the gold price activity within the week ahead.

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

TRENDS
Day SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Everyday 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
Daily Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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