Gold (XAU/USD) resumed the bearish momentum of its following a quick recovery from multi-month lows sub-1dolar1 1800 within the last week.
The sellers returned after the alloy faced rejection at the 50 daily shifting average (DMA), today at $1875.
On Wednesday, gold fell pretty much as 1 % to close to the $1825 region plus paid the rest of the week meandering close to the latter, while using upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the 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 degree to get over for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for further downside alive.
Additionally, a failure to provide a weekly closing on top of the essential short-term hurdle of 21-DMA, also implies that more declines could stay in the offing.
But, the Fed’s finalized monetary policy choice of this year and a likely US fiscal stimulus deal might have a major impact on the gold price activity within the week ahead.
Gold Additional levels
These days last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Everyday SMA20 1838.62
Day SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily 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