Gold (XAU/USD) resumed its bearish momentum following a quick recovery from multi month lows sub 1dolar1 1800 during the last week.
The sellers returned after the metallic faced rejection at the 50-daily shifting the everyday (DMA), today at $1875.
On Wednesday, gold fell pretty much as one % to near the $1825 region and invested the majority of the week meandering near the latter, while using upside attempts capped by the 21 DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s day chart clearly shows that the retail price continues to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the recovery 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 at 47.01, keeping the chances for further downside alive.
Additionally, a failure to give a weekly closing on top of the critical short term hurdle of 21 DMA, also implies that more declines could remain in the offing.
Nevertheless, the Fed’s finalized monetary policy choice of this year as well as a likely US fiscal stimulus deal might have a big impact on the gold price activity inside the week ahead.
Gold Additional levels
These days previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34
Daily SMA20 1838.62
Everyday SMA50 1874.97
Everyday SMA100 1910.26
Day SMA200 1809.34
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous 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
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65