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Commodities

Gold Price Analysis: XAU/USD remains caught between main DMAs in front of Fed week

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

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

On Wednesday, gold fell as much as 1 % to near the $1825 region plus spent the rest of the week meandering near the latter, while using upside tries capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the cost continues to oscillate in a determined range. Acceptance above the 50-DMA is actually critical to reviving the recovery 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 chances for further downside alive.

Additionally, a failure to give a weekly closing above the crucial short-term hurdle of 21 DMA, also suggests that more declines could remain in the offing.

But, the Fed’s final monetary policy choice of this year as well as a likely US fiscal stimulus deal can have a significant effect on the gold price activity in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
Today last price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34

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

LEVELS
Earlier 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
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day 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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