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 metallic faced rejection at the 50-daily shifting average (DMA), now at $1875.
On Wednesday, gold fell as much as one % to in close proximity to the $1825 region plus spent the rest of the week meandering near the latter, using the upside endeavors capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart definitely shows that the retail price continues to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the retrieval momentum from four-month troughs of $1765.
Meanwhile, the 200 DMA assistance 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.
Further, a failure to give a weekly closing over the critical short term hurdle of 21 DMA, also suggests that more declines could stay in the offing.
Nonetheless, the Fed’s final monetary policy decision of this year along with a likely US fiscal stimulus deal could have a big influence on the gold price action within the week ahead.
Gold Additional levels
Today last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Day SMA200 1809.34
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65