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Commodities

Gold Price Analysis: XAU/USD remains trapped 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 in the last week.

The sellers returned after the alloy faced rejection at the 50-daily shifting typical (DMA), today at $1875.

On Wednesday, gold fell almost as 1 % to close to the $1825 region plus 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 day chart clearly shows that the cost proceeds to oscillate in a defined range. Acceptance above the 50-DMA is actually important to reviving the retrieval momentum from four month troughs of $1765.

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

In addition, a failure to give a weekly closing over the critical short term hurdle of 21 DMA, also implies that more declines might stay in the offing.

But, the Fed’s finalized monetary policy decision of this year along with a probable US fiscal stimulus deal could have a major impact on the gold price action inside the week ahead.

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

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

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

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