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Commodities

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

Gold (XAU/USD) resumed its bearish momentum following a quick 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 average (DMA), now at $1875.

On Wednesday, gold fell pretty much as one % to close to the $1825 region and paid the rest 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 cost proceeds to oscillate in a defined 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 beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for additional downside alive.

Further, a failure to give a weekly closing on top of the crucial short-term hurdle of 21 DMA, also suggests that more declines may just be in the offing.

Nevertheless, the Fed’s final monetary policy choice of this season and a likely US fiscal stimulus deal could have a significant impact on the gold price action in the week ahead.

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

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

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

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