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 following the alloy faced rejection at the 50 daily carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region and paid the rest of the week meandering close to the latter, using the upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the cost goes on to oscillate in a defined range. Acceptance above the 50-DMA is essential to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA assistance 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 extra downside alive.
Additionally, a failure to provide a weekly closing on top of the critical short term hurdle of 21 DMA, also suggests that more declines could remain in the offing.
However, the Fed’s final monetary policy decision of this year along with a probable US fiscal stimulus deal might have a major influence on the gold price action inside the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Day SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Everyday SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65