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Commodities

Gold Price Analysis: XAU/USD remains trapped between key DMAs ahead of Fed week

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 metallic faced rejection at the 50 daily carrying typical (DMA), now at $1875.

On Wednesday, gold fell as much as one % to close to the $1825 region plus invested the rest 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 clearly shows that the cost goes on to oscillate in a determined range. Acceptance above the 50 DMA is actually important to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200-DMA assistance during $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.

In addition, a failure to provide a weekly closing above the vital short-term hurdle of 21-DMA, also implies that more declines might remain in the offing.

Nonetheless, the Fed’s finalized monetary policy decision of this year along with a probable US fiscal stimulus deal could have a big effect on the gold price activity within the week ahead.

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

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

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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