Categories
Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs in front of Fed week

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

The sellers returned following the metal faced rejection at the 50 daily moving average (DMA), today at $1875.

On Wednesday, gold fell almost as 1 % to in close proximity to the $1825 region and spent the remainder 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 daily chart clearly shows that the cost continues to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the healing momentum from four-month troughs of $1765.

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

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

Nonetheless, the Fed’s finalized monetary policy choice of this season and a probable US fiscal stimulus deal can have a major impact on the gold price activity within the week ahead.

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

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

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous 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
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Daily 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Your email address will not be published.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 *