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 carrying the everyday (DMA), today at $1875.
On Wednesday, gold fell pretty much as one % to near the $1825 region and paid the rest of the week meandering close to the latter, with the upside endeavors capped by the 21-DMA of $1841.
Gold Price Chart: Daily
XAU/USD’s daily chart definitely shows that the price proceeds to oscillate in a defined range. Acceptance above the 50 DMA is critical to reviving the recovery momentum from four month troughs of $1765.
Meanwhile, the 200-DMA support during $1809 is the level to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for further downside alive.
In addition, a failure to provide a weekly closing on top of the vital short term hurdle of 21-DMA, also suggests that more declines might remain in the offing.
However, the Fed’s final monetary policy decision of this year as well as a likely US fiscal stimulus deal might have a major influence on the gold price action within the week ahead.
Gold Additional levels
These days last price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Now every day open 1839.34
Everyday SMA20 1838.62
Day SMA50 1874.97
Daily SMA100 1910.26
Daily SMA200 1809.34
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday 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
Day Pivot Point R2 1860.71
Day Pivot Point R3 1873.65