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Commodities

Gold Price Analysis: XAU/USD remains trapped between main DMAs in front of Fed week

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

The sellers returned after the metallic faced rejection at the 50-daily carrying the everyday (DMA), today at $1875.

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region and paid the rest of the week meandering near the latter, with the upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50-DMA is important to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200 DMA support at $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for extra downside alive.

Further, a failure to deliver a weekly closing over the critical short term hurdle of 21 DMA, also implies that more declines might stay in the offing.

Nevertheless, the Fed’s final monetary policy decision of this year along with a likely US fiscal stimulus deal might have a big effect on the gold price action in the week ahead.

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

TRENDS
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day 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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