Gold (XAU/USD) resumed the bearish momentum of its 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 the everyday (DMA), today at $1875.
On Wednesday, gold fell almost as 1 % to close to the $1825 region and invested the remainder of the week meandering near the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price goes on to oscillate in a defined 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 degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for further downside alive.
Additionally, a failure to deliver a weekly closing above the critical short term hurdle of 21-DMA, also suggests that more declines could remain in the offing.
Nevertheless, the Fed’s finalized monetary policy choice of this season along with a likely US fiscal stimulus deal can have a big impact on the gold price activity within the week ahead.
Gold Additional levels
These days previous 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
Daily SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous 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
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65