Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi-month lows sub 1dolar1 1800 in the last week.
The sellers returned after the metal faced rejection at the 50 daily shifting typical (DMA), now at $1875.
On Wednesday, gold fell pretty much as one % to near the $1825 region plus spent the majority 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 support during $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for extra downside alive.
In addition, a failure to give a weekly closing over the critical short-term hurdle of 21-DMA, also suggests that more declines could be in the offing.
But, the Fed’s finalized monetary policy choice of this year along with a likely US fiscal stimulus deal could have a significant impact on the gold price activity in the week ahead.
Gold Additional levels
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65