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Commodities

Gold Price Analysis: XAU/USD remains caught between key DMAs ahead of Fed week

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

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

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region plus paid the rest of the week meandering near the latter, while using upside tries capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart definitely shows that the price goes on to oscillate in a defined range. Acceptance above the 50 DMA is actually important to reviving the retrieval momentum from four-month troughs of $1765.

Meanwhile, the 200 DMA assistance during $1809 is the level to beat 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 crucial short-term hurdle of 21-DMA, also hints that more declines may just remain in the offing.

But, the Fed’s finalized monetary policy choice of this year as well as a likely US fiscal stimulus deal might have a big impact on the gold price activity inside the week ahead.

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

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

LEVELS
Earlier Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier 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
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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