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Commodities

Gold Price Analysis: XAU/USD remains trapped between main DMAs ahead of Fed week

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

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

On Wednesday, gold fell almost as 1 % to near the $1825 region plus spent the remainder of the week meandering close to the latter, while using upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

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

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

Further, a failure to deliver a weekly closing over the essential short-term hurdle of 21 DMA, also hints that more declines could remain in the offing.

However, the Fed’s final monetary policy decision of this year as well as a likely US fiscal stimulus deal can have a big impact on the gold price action within 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
Daily SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34

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

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