Categories
Commodities

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

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

The sellers returned following the alloy faced rejection at the 50 daily moving average (DMA), today at $1875.

On Wednesday, gold fell almost as 1 % to close to the $1825 region and invested the majority of the week meandering close to the latter, while using upside tries capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the retail price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is important to reviving the retrieval momentum from four month troughs of $1765.

Meanwhile, the 200 DMA support during $1809 is the level 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 provide a weekly closing over the vital short term hurdle of 21-DMA, also suggests that more declines might remain in the offing.

Nevertheless, the Fed’s finalized monetary policy choice of this season as well as a likely US fiscal stimulus deal could have a major impact on the gold price activity in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34

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

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

Leave a Reply

Your email address will not be published. Required fields are marked *