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Commodities

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

Gold (XAU/USD) resumed its bearish momentum 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 typical (DMA), today at $1875.

On Wednesday, gold fell as much as 1 % to close to the $1825 region and paid the remainder of the week meandering near the latter, while using upside attempts capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the retail price continues to oscillate in a determined range. Acceptance above the 50-DMA is important to reviving the retrieval 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 additional downside alive.

Additionally, a failure to provide a weekly closing above the essential short-term hurdle of 21-DMA, also implies that more declines might remain in the offing.

Nonetheless, the Fed’s final monetary policy decision of this season as well as a probable US fiscal stimulus deal can have a big effect on the gold price action within 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 daily open 1839.34

TRENDS
Day SMA20 1838.62
Everyday 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
Previous Monthly High 1965.58
Earlier Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Everyday Pivot Point R3 1873.65

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