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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 short recovery from multi-month lows sub 1dolar1 1800 within the last week.

The sellers returned after the metallic faced rejection at the 50 daily carrying the everyday (DMA), now at $1875.

On Wednesday, gold fell almost as one % to close to the $1825 region plus spent the majority of the week meandering close to the latter, with the upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

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

Meanwhile, the 200 DMA support during $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for further downside alive.

In addition, a failure to deliver a weekly closing over the essential short term hurdle of 21-DMA, also suggests that more declines might remain in the offing.

Nevertheless, the Fed’s final monetary policy decision of this season along with a probable US fiscal stimulus deal could have a major impact on the gold price activity inside the week ahead.

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

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

LEVELS
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
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day 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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