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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 brief recovery from multi month lows sub-1dolar1 1800 during the last week.

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

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

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the retail price goes on to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the retrieval momentum from four month troughs of $1765.

Meanwhile, the 200-DMA assistance during $1809 is the level 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.

Further, a failure to provide a weekly closing above the critical short term hurdle of 21-DMA, also suggests that more declines may just be in the offing.

Nevertheless, the Fed’s finalized monetary policy choice of this season as well as a likely US fiscal stimulus deal can have a significant effect on the gold price action within 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
Now every day open 1839.34

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

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier 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
Daily 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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