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Commodities

Gold Price Analysis: XAU/USD continues to be 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 during the last week.

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

On Wednesday, gold fell pretty much as 1 % to close to the $1825 region plus paid the remainder 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 definitely shows that the cost continues 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 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 chances for additional downside alive.

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

However, the Fed’s finalized monetary policy decision of this season along with a likely US fiscal stimulus deal can have a big effect on the gold price activity in the week ahead.

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

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

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

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