Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub-1dolar1 1800 within the last week.
The sellers returned following the metal faced rejection at the 50-daily shifting average (DMA), today at $1875.
On Wednesday, gold fell pretty much as one % to close to the $1825 region plus paid the majority of the week meandering close to the latter, with the upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price goes on to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the healing 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 at 47.01, keeping the chances for further downside alive.
Further, a failure to give a weekly closing over the essential short-term hurdle of 21 DMA, also implies that more declines may just stay in the offing.
But, the Fed’s final monetary policy decision of this year as well as a probable US fiscal stimulus deal could have a big influence on the gold price action within the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65