Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi month lows sub-1dolar1 1800 within the last week.
The sellers returned following the metal faced rejection at the 50 daily moving the everyday (DMA), today at $1875.
On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region plus paid the rest of the week meandering close to the latter, while using upside tries 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 defined range. Acceptance above the 50 DMA is actually important to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA support during $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for extra downside alive.
Additionally, a failure to deliver a weekly closing on top of the critical short term hurdle of 21-DMA, also hints that more declines could stay in the offing.
But, the Fed’s finalized monetary policy decision of this year as well as a probable US fiscal stimulus deal could have a major effect on the gold price activity within the week ahead.
Gold Additional levels
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Day 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
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65