Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi month lows sub 1dolar1 1800 in the last week.
The sellers returned after the metallic faced rejection at the 50 daily moving the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region and spent 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 day chart definitely shows that the cost goes on to oscillate in a defined range. Acceptance above the 50 DMA is critical to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support 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 additional downside alive.
Additionally, a failure to give a weekly closing above the crucial short term hurdle of 21 DMA, also hints that more declines might stay in the offing.
Nonetheless, the Fed’s finalized monetary policy choice of this year as well as a likely US fiscal stimulus deal might have a major effect on the gold price action in the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous 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
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65