Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub-1dolar1 1800 during the last week.
The sellers returned after the alloy faced rejection at the 50-daily moving average (DMA), today at $1875.
On Wednesday, gold fell as much as 1 % to close to the $1825 region plus invested the remainder of the week meandering near the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price continues to oscillate in a determined range. Acceptance above the 50-DMA is actually critical to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200 DMA support at $1809 is the degree 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.
Further, a failure to provide a weekly closing above the crucial short-term hurdle of 21 DMA, also implies that more declines might be in the offing.
Nevertheless, the Fed’s finalized monetary policy decision of this season along with a likely US fiscal stimulus deal might have a big influence on the gold price activity in the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65