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Commodities

Gold Price Analysis: XAU/USD remains trapped between key DMAs ahead of Fed week

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

The sellers returned following the metal faced rejection at the 50 daily moving average (DMA), today at $1875.

On Wednesday, gold fell almost as one % to close to the $1825 region plus paid the remainder of the week meandering close to 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 cost continues to oscillate in a determined range. Acceptance above the 50-DMA is critical to reviving the healing 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 odds for extra downside alive.

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

Nevertheless, the Fed’s final monetary policy choice of this season and a likely US fiscal stimulus deal can have a big impact 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 every day open 1839.34

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

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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