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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between key DMAs in front of Fed week

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

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

On Wednesday, gold fell pretty much as 1 % to close to the $1825 region and spent the rest of the week meandering close to the latter, with the upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the price goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually critical to reviving the healing 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 at 47.01, keeping the chances for additional downside alive.

Additionally, a failure to give a weekly closing above the critical short-term hurdle of 21 DMA, also suggests that more declines could remain in the offing.

Nonetheless, the Fed’s final monetary policy decision of this year as well as a likely US fiscal stimulus deal could have a major influence on the gold price activity in the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days 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
Everyday SMA100 1910.26
Everyday SMA200 1809.34

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily 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
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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