Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub 1dolar1 1800 in 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 pretty much as 1 % to close to the $1825 region and paid the remainder of the week meandering close to the latter, with the upside attempts 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 critical to reviving the healing 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 during 47.01, keeping the odds for further downside alive.
In addition, a failure to give a weekly closing above the crucial short-term hurdle of 21-DMA, also hints that more declines may just be in the offing.
Nevertheless, the Fed’s final monetary policy decision of this year as well as a probable US fiscal stimulus deal can have a big impact on the gold price activity inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Earlier 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
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65