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 after the alloy faced rejection at the 50-daily moving the everyday (DMA), now at $1875.
On Wednesday, gold fell pretty much as 1 % to in close proximity to the $1825 region plus invested the majority of the week meandering near the latter, while using upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the retail price goes on to oscillate in a defined range. Acceptance above the 50-DMA is actually essential to reviving the recovery momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support at $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 extra downside alive.
In addition, a failure to give a weekly closing over the vital short-term hurdle of 21 DMA, also suggests that more declines might remain in the offing.
However, the Fed’s final monetary policy decision of this year as well as a likely US fiscal stimulus deal could have a big effect on the gold price activity in the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34
Everyday SMA20 1838.62
Daily SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65