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Commodities

Gold Price Analysis: XAU/USD continues to be trapped between main DMAs ahead of Fed week

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

The sellers returned following the metal faced rejection at the 50 daily carrying the everyday (DMA), now at $1875.

On Wednesday, gold fell as much as one % to in close proximity to the $1825 region plus spent the remainder of the week meandering near the latter, with the upside tries capped by the 21-DMA of $1841.

Gold Price Chart: Daily

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

Meanwhile, the 200 DMA support during $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for extra downside alive.

Further, a failure to provide a weekly closing over the vital short-term hurdle of 21 DMA, also suggests that more declines may just stay in the offing.

However, the Fed’s finalized monetary policy decision of this year as well as a likely US fiscal stimulus deal could have a significant 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
Now daily open 1839.34

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

LEVELS
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily 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
Daily Pivot Point R3 1873.65

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