Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi month lows sub 1dolar1 1800 within the last week.
The sellers returned following the alloy faced rejection at the 50-daily moving typical (DMA), now at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region and paid the remainder of the week meandering close to the latter, using the upside tries capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart clearly shows that the retail price continues to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the retrieval momentum from four month troughs of $1765.
Meanwhile, the 200-DMA support during $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.
Additionally, a failure to provide a weekly closing above the essential short term hurdle of 21 DMA, also suggests that more declines may just remain in the offing.
Nonetheless, the Fed’s finalized monetary policy decision of this year along with a likely US fiscal stimulus deal can have a major effect on the gold price activity within the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Day 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
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65