Categories
Commodities

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

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 after the alloy faced rejection at the 50-daily shifting the everyday (DMA), today at $1875.

On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region and spent the majority of the week meandering near the latter, using the upside tries capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is actually important to reviving the recovery momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA assistance during $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for additional downside alive.

Additionally, a failure to provide a weekly closing above the essential short term hurdle of 21 DMA, also implies that more declines might be in the offing.

Nevertheless, the Fed’s finalized monetary policy choice of this season as well as a probable US fiscal stimulus deal could have a major influence on the gold price activity inside the week ahead.

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

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

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

Leave a Reply

Your email address will not be published. Required fields are marked *