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 carrying typical (DMA), today at $1875.
On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region plus invested the rest 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 goes on to oscillate in a determined range. Acceptance above the 50 DMA is important 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 odds for extra downside alive.
Additionally, a failure to deliver a weekly closing above the essential short-term hurdle of 21 DMA, also hints that more declines may just be in the offing.
Nevertheless, the Fed’s final monetary policy decision of this year along with a likely US fiscal stimulus deal can have a significant influence on the gold price activity in the week ahead.
Gold Additional levels
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Day SMA20 1838.62
Everyday SMA50 1874.97
Daily SMA100 1910.26
Day SMA200 1809.34
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
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65