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 after the alloy faced rejection at the 50 daily shifting typical (DMA), today at $1875.
On Wednesday, gold fell as much as one % to near the $1825 region and spent the remainder of the week meandering close to 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 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 level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for extra downside alive.
Further, a failure to provide a weekly closing above the critical short term hurdle of 21 DMA, also implies that more declines could remain in the offing.
However, the Fed’s final monetary policy decision of this year along with a probable US fiscal stimulus deal could have a big effect on the gold price action within the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65