Gold (XAU/USD) resumed the bearish momentum of its 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 shifting average (DMA), now at $1875.
On Wednesday, gold fell almost as 1 % to near the $1825 region plus paid the rest of the week meandering close to the latter, while using upside attempts capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is actually critical to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200-DMA assistance at $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 above the crucial short-term hurdle of 21 DMA, also hints that more declines could stay in the offing.
But, the Fed’s final monetary policy decision of this year along with a likely US fiscal stimulus deal could have a big impact on the gold price activity within the week ahead.
Gold Additional levels
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Now daily open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65