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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 the bearish momentum of its following a brief recovery from multi-month lows sub-1dolar1 1800 within the last week.

The sellers returned following the metallic faced rejection at the 50-daily shifting the everyday (DMA), today at $1875.

On Wednesday, gold fell almost as 1 % to near the $1825 region and invested the rest of the week meandering near the latter, while using upside endeavors capped by the 21 DMA of $1841.

Gold Price Chart: Daily

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

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

Additionally, a failure to provide a weekly closing over the critical short term hurdle of 21-DMA, also implies that more declines could be in the offing.

Nonetheless, the Fed’s finalized monetary policy decision of this year as well as a probable US fiscal stimulus deal could have a big effect on the gold price action in 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
Today every day open 1839.34

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

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

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