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Commodities

Gold Price Analysis: XAU/USD remains caught between main DMAs in front of Fed week

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 moving typical (DMA), now at $1875.

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region plus invested the majority of the week meandering near the latter, while using upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the retail price proceeds 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 level to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for additional downside alive.

Additionally, a failure to give a weekly closing over the essential short term hurdle of 21-DMA, also suggests that more declines could be in the offing.

Nevertheless, the Fed’s finalized monetary policy decision of this season along with a probable US fiscal stimulus deal might have a significant impact on the gold price action within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34

TRENDS
Daily SMA20 1838.62
Everyday SMA50 1874.97
Everyday 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
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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