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Commodities

Gold Price Analysis: XAU/USD remains trapped between main DMAs ahead of Fed week

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

The sellers returned after the metallic faced rejection at the 50-daily shifting typical (DMA), now at $1875.

On Wednesday, gold fell pretty much as one % to near the $1825 region plus spent the majority of the week meandering near the latter, using the upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

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

Meanwhile, the 200 DMA assistance during $1809 is the degree to beat 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 provide a weekly closing over the crucial short-term hurdle of 21-DMA, also suggests that more declines may just stay in the offing.

Nonetheless, the Fed’s final monetary policy choice of this year as well as a probable US fiscal stimulus deal could have a significant 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
Now every day open 1839.34

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

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

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