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Commodities

Gold Price Analysis: XAU/USD remains caught between key DMAs in front of Fed week

Gold (XAU/USD) resumed its bearish momentum following a brief 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 pretty much as one % to close to the $1825 region and paid the remainder 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 daily chart definitely shows that the price proceeds to oscillate in a determined range. Acceptance above the 50 DMA is important to reviving the retrieval 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.

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

Nonetheless, the Fed’s final monetary policy choice of this season and a probable US fiscal stimulus deal might have a big influence on the gold price action 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
Day SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Daily 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
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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