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Commodities

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

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

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

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

Gold Price Chart: Daily

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

Meanwhile, the 200 DMA assistance at $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for further downside alive.

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

Nevertheless, the Fed’s final monetary policy decision of this season and a likely US fiscal stimulus deal can have a major impact on the gold price activity inside 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
Day SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34

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

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