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Commodities

Gold Price Analysis: XAU/USD remains trapped between key DMAs ahead of Fed week

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

The sellers returned after the metallic faced rejection at the 50 daily moving average (DMA), now at $1875.

On Wednesday, gold fell as much as 1 % to near the $1825 region plus paid the majority of the week meandering close to the latter, using the upside endeavors capped by the 21-DMA of $1841.

Gold Price Chart: Daily

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

Meanwhile, the 200-DMA support at $1809 is the degree to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.

Further, a failure to give a weekly closing over the critical short-term hurdle of 21 DMA, also implies that more declines may just remain in the offing.

Nonetheless, the Fed’s finalized monetary policy decision of this year along with a probable US fiscal stimulus deal might have a significant impact on the gold price activity within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days 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
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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