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Commodities

Gold Price Analysis: XAU/USD continues to be caught between main 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 within the last week.

The sellers returned following the alloy faced rejection at the 50 daily carrying typical (DMA), now at $1875.

On Wednesday, gold fell almost as 1 % to close to the $1825 region and invested the remainder of the week meandering close to the latter, while using upside endeavors capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the retail price proceeds to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200-DMA support during $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for further downside alive.

Further, a failure to provide a weekly closing on top of the critical short term hurdle of 21 DMA, also implies that more declines may just remain in the offing.

Nevertheless, the Fed’s finalized monetary policy decision of this year as well as a likely US fiscal stimulus deal can have a major impact on the gold price action in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today previous 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
Daily 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
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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