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Commodities

Gold Price Analysis: XAU/USD continues to be caught between main DMAs ahead of Fed week

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

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

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

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the cost proceeds to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the healing 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 at 47.01, keeping the chances for extra downside alive.

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

But, the Fed’s finalized monetary policy choice of this year and a likely US fiscal stimulus deal could have a significant 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 daily open 1839.34

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

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

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