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Commodities

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

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

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

On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region plus invested the remainder 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 clearly shows that the price continues to oscillate in a defined range. Acceptance above the 50 DMA is actually essential to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200-DMA assistance during $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 extra downside alive.

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

Nonetheless, the Fed’s final monetary policy decision of this season along with a probable US fiscal stimulus deal can have a major impact on the gold price action inside 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
Today every day open 1839.34

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

LEVELS
Previous 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
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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