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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 short recovery from multi month lows sub 1dolar1 1800 in the last week.

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

On Wednesday, gold fell as much as one % to in close proximity to the $1825 region and spent the majority of the week meandering near the latter, with the upside endeavors capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the retail price goes on to oscillate in a determined range. Acceptance above the 50 DMA is important to reviving the healing 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 at 47.01, keeping the odds for additional downside alive.

In addition, a failure to deliver a weekly closing over the vital short-term hurdle of 21-DMA, also hints that more declines could remain in the offing.

Nonetheless, the Fed’s finalized monetary policy choice of this season along with a probable US fiscal stimulus deal could have a major impact on the gold price activity inside the week ahead.

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

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

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

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