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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between main DMAs in front of Fed week

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

The sellers returned following the metallic faced rejection at the 50-daily shifting average (DMA), now at $1875.

On Wednesday, gold fell almost as one % to near the $1825 region plus 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 day chart clearly shows that the retail price continues 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 assistance at $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for further downside alive.

Further, a failure to deliver a weekly closing over the crucial short term hurdle of 21 DMA, also implies that more declines might remain in the offing.

But, the Fed’s finalized monetary policy choice of this season along with a likely US fiscal stimulus deal can have a major influence on the gold price action in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34

TRENDS
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Everyday 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
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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