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Commodities

Gold Price Analysis: XAU/USD remains caught between main DMAs ahead of Fed week

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

The sellers returned following the metallic 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 paid the rest 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 daily chart definitely shows that the cost proceeds 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 degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for additional downside alive.

In addition, a failure to give a weekly closing on top of the essential short term hurdle of 21-DMA, also hints that more declines might remain in the offing.

Nonetheless, the Fed’s final monetary policy choice of this season and a likely US fiscal stimulus deal can have a big effect on the gold price activity in the week ahead.

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

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

LEVELS
Previous Daily High 1847.78
Earlier 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
Day Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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