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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 brief recovery from multi month lows sub-1dolar1 1800 within the last week.

The sellers returned after the metallic faced rejection at the 50 daily moving average (DMA), now at $1875.

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

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the cost goes on 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 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 chances for further downside alive.

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

However, the Fed’s final monetary policy decision of this year along with a likely US fiscal stimulus deal could have a big effect on the gold price activity inside the week ahead.

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

TRENDS
Everyday SMA20 1838.62
Daily 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
Everyday Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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