Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi-month lows sub-1dolar1 1800 within the last week.
The sellers returned following the metal faced rejection at the 50-daily carrying average (DMA), now at $1875.
On Wednesday, gold fell almost as 1 % to near the $1825 region plus paid the remainder of the week meandering near the latter, while using upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the price continues to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200-DMA assistance at $1809 is the level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for further downside alive.
Additionally, a failure to provide a weekly closing above the critical short term hurdle of 21-DMA, also hints that more declines may just stay in the offing.
Nevertheless, the Fed’s final monetary policy decision of this year as well as a likely US fiscal stimulus deal might have a big influence on the gold price action inside the week ahead.
Gold Additional levels
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65