Gold (XAU/USD) resumed its bearish momentum following a short recovery from multi month lows sub-1dolar1 1800 during the last week.
The sellers returned following the metallic faced rejection at the 50-daily moving typical (DMA), now at $1875.
On Wednesday, gold fell as much as 1 % to in close proximity to the $1825 region plus paid the rest of the week meandering close to the latter, with the upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the retail price goes on to oscillate in a defined range. Acceptance above the 50 DMA is critical to reviving the healing momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA support during $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 additional downside alive.
Additionally, a failure to deliver a weekly closing above the critical short term hurdle of 21-DMA, also suggests that more declines could be in the offing.
Nonetheless, the Fed’s final monetary policy choice of this year as well as a likely US fiscal stimulus deal could have a significant influence on the gold price action inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Day 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
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65