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Commodities

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

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

The sellers returned after the metal faced rejection at the 50 daily carrying typical (DMA), today at $1875.

On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region plus invested the remainder of the week meandering near the latter, with the upside endeavors capped by the 21-DMA of $1841.

Gold Price Chart: Daily

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

Meanwhile, the 200 DMA assistance at $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 additional downside alive.

Additionally, a failure to deliver a weekly closing on top of the vital short term hurdle of 21-DMA, also implies that more declines may just remain in the offing.

However, the Fed’s final monetary policy decision of this year along with a likely US fiscal stimulus deal might have a major influence on the gold price action inside the week ahead.

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

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

LEVELS
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
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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