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Commodities

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

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

The sellers returned following the alloy faced rejection at the 50-daily carrying average (DMA), today at $1875.

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region and paid the remainder of the week meandering close to the latter, using the upside tries capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the price continues 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 assistance 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 odds for extra downside alive.

In addition, a failure to provide a weekly closing over the essential short term hurdle of 21-DMA, also implies 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 big effect on the gold price action within the week ahead.

Gold Additional levels
XAU/USD
OVERVIEW
These days previous price 1839.34
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1839.34

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

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

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