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Commodities

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

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 moving the everyday (DMA), today at $1875.

On Wednesday, gold fell as much as 1 % to close to the $1825 region plus invested the majority 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 daily chart definitely shows that the price 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 support at $1809 is the degree to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for additional downside alive.

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

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

Gold Additional levels
XAU/USD
OVERVIEW
These days 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
Day SMA100 1910.26
Daily SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous 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
Day Pivot Point S1 1826.41
Daily 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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