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Commodities

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

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

The sellers returned following the metallic faced rejection at the 50-daily carrying average (DMA), now at $1875.

On Wednesday, gold fell as much as one % to in close proximity to the $1825 region plus paid the rest of the week meandering near the latter, using the upside endeavors capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the retail 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 level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for extra downside alive.

In addition, a failure to provide a weekly closing above the essential short term hurdle of 21-DMA, also hints that more declines may just stay in the offing.

But, the Fed’s final monetary policy choice of this season and a probable US fiscal stimulus deal might have a significant influence on the gold price activity within the week ahead.

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

TRENDS
Everyday SMA20 1838.62
Everyday 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
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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