Gold (XAU/USD) resumed the bearish momentum of its following a brief recovery from multi-month lows sub-1dolar1 1800 during the last week.
The sellers returned following the metal faced rejection at the 50-daily shifting the everyday (DMA), now at $1875.
On Wednesday, gold fell as much as one % to near the $1825 region and spent the rest of the week meandering near the latter, while using upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the cost goes on to oscillate in a defined range. Acceptance above the 50 DMA is actually important to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200-DMA support 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 chances for further downside alive.
Additionally, a failure to provide a weekly closing over the critical short term hurdle of 21 DMA, also hints that more declines could stay in the offing.
But, the Fed’s final monetary policy decision of this year and a likely US fiscal stimulus deal could have a big impact on the gold price activity in the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
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
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65