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Commodities

Gold Price Analysis: XAU/USD remains caught between key 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 in the last week.

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

On Wednesday, gold fell pretty much as one % to near the $1825 region and spent the remainder of the week meandering close to the latter, using the upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the cost goes on to oscillate in a determined range. Acceptance above the 50-DMA is essential to reviving the retrieval 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 chances for extra downside alive.

Further, a failure to give a weekly closing above the essential short-term hurdle of 21 DMA, also hints that more declines may just remain in the offing.

However, the Fed’s final monetary policy choice of this season as well as a probable US fiscal stimulus deal could have a big influence on the gold price action in the week ahead.

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

TRENDS
Day SMA20 1838.62
Daily SMA50 1874.97
Daily 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
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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