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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 its bearish momentum following a quick 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 typical (DMA), today at $1875.

On Wednesday, gold fell pretty much as 1 % to close to the $1825 region and invested the remainder of the week meandering close to the latter, with the upside tries capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the cost continues to oscillate in a determined range. Acceptance above the 50 DMA is important to reviving the healing momentum from four month troughs of $1765.

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

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

However, the Fed’s final monetary policy choice of this season along with a probable US fiscal stimulus deal can have a significant influence on the gold price activity in 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
Now daily open 1839.34

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

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

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