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Commodities

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

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

The sellers returned after the alloy faced rejection at the 50-daily shifting average (DMA), today at $1875.

On Wednesday, gold fell pretty much as 1 % to close to the $1825 region plus invested the rest 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 daily chart definitely shows that the retail price proceeds to oscillate in a determined range. Acceptance above the 50 DMA is important to reviving the retrieval momentum from four-month troughs of $1765.

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

Additionally, a failure to deliver a weekly closing above the crucial short term hurdle of 21-DMA, also suggests that more declines might stay in the offing.

Nevertheless, the Fed’s finalized monetary policy decision of this season and a likely US fiscal stimulus deal might have a significant impact on the gold price action inside the week ahead.

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

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

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

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