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Commodities

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

Gold (XAU/USD) resumed its bearish momentum 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 moving the everyday (DMA), now at $1875.

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

Gold Price Chart: Daily

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

Meanwhile, the 200-DMA assistance at $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 further downside alive.

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

Nevertheless, the Fed’s finalized monetary policy decision of this year as well as a likely US fiscal stimulus deal can have a major influence on the gold price action within 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
Now every day open 1839.34

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

LEVELS
Earlier 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
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Everyday Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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