Gold (XAU/USD) resumed the bearish momentum of its following a short recovery from multi-month lows sub-1dolar1 1800 within the last week.
The sellers returned following the metallic faced rejection at the 50-daily carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region and paid the majority of the week meandering close to the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50 DMA is actually essential to reviving the healing momentum from four month troughs of $1765.
Meanwhile, the 200 DMA assistance 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 chances for further downside alive.
Further, a failure to deliver a weekly closing over the essential short term hurdle of 21 DMA, also hints that more declines might be in the offing.
Nonetheless, the Fed’s final monetary policy decision of this year and a likely US fiscal stimulus deal could have a major effect on the gold price activity inside the week ahead.
Gold Additional levels
Today previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65