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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 brief recovery from multi-month lows sub 1dolar1 1800 in the last week.

The sellers returned after the alloy faced rejection at the 50-daily carrying the everyday (DMA), now at $1875.

On Wednesday, gold fell pretty much as one % to near the $1825 region plus invested the rest of the week meandering close to the latter, while using upside endeavors capped by the 21 DMA of $1841.

Gold Price Chart: Daily

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

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

Further, a failure to deliver a weekly closing on top of the critical short term hurdle of 21 DMA, also hints that more declines could stay in the offing.

But, the Fed’s final monetary policy choice of this year and a probable US fiscal stimulus deal can have a big effect on the gold price action within the week ahead.

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

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

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Daily 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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