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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs in front 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 carrying typical (DMA), now at $1875.

On Wednesday, gold fell as much as 1 % to close to the $1825 region and spent the majority 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 day chart clearly shows that the price continues to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the healing momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA assistance 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 odds for extra downside alive.

In addition, a failure to deliver a weekly closing over the crucial short term hurdle of 21-DMA, also hints that more declines may just remain in the offing.

However, the Fed’s final monetary policy choice of this season and a probable US fiscal stimulus deal can have a big influence on the gold price activity in the week ahead.

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

TRENDS
Day SMA20 1838.62
Daily SMA50 1874.97
Day 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
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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