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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 short recovery from multi-month lows sub-1dolar1 1800 in the last week.

The sellers returned following the metal faced rejection at the 50-daily shifting typical (DMA), today at $1875.

On Wednesday, gold fell almost as 1 % to near the $1825 region plus spent 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 definitely shows that the retail price continues to oscillate in a defined range. Acceptance above the 50 DMA is critical to reviving the retrieval momentum from four month troughs of $1765.

Meanwhile, the 200-DMA assistance during $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 extra downside alive.

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

Nonetheless, the Fed’s finalized monetary policy decision of this year as well as a likely US fiscal stimulus deal could have a big effect on the gold price activity in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34

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

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily 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
Daily Pivot Point R3 1873.65

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