Categories
Commodities

Gold Price Analysis: XAU/USD remains caught between key 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 during the last week.

The sellers returned following the alloy faced rejection at the 50-daily shifting typical (DMA), today at $1875.

On Wednesday, gold fell pretty much as 1 % to close to the $1825 region plus spent the remainder of the week meandering near the latter, using the upside attempts capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the cost proceeds to oscillate in a determined range. Acceptance above the 50 DMA is actually critical to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200 DMA support during $1809 is the degree 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.

Additionally, a failure to give a weekly closing on top of the critical short-term hurdle of 21 DMA, also implies that more declines could stay in the offing.

Nevertheless, the Fed’s finalized monetary policy choice of this season and a probable US fiscal stimulus deal might have a major influence on the gold price activity in the week ahead.

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

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

Leave a Reply

Your email address will not be published. Required fields are marked *