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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs in front of Fed week

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

The sellers returned following the metal faced rejection at the 50 daily carrying the everyday (DMA), now at $1875.

On Wednesday, gold fell as much as 1 % to close to the $1825 region plus paid the remainder of the week meandering near the latter, with the upside endeavors 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 determined range. Acceptance above the 50 DMA is essential 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 during 47.01, keeping the chances for extra downside alive.

In addition, a failure to provide a weekly closing over the critical short term hurdle of 21-DMA, also suggests that more declines may just stay in the offing.

But, the Fed’s finalized monetary policy decision of this year along with a probable US fiscal stimulus deal might have a major influence on the gold price action in the week ahead.

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

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

LEVELS
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous 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
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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