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Commodities

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

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

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

On Wednesday, gold fell almost as one % to near the $1825 region plus spent 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 daily chart clearly shows that the cost proceeds to oscillate in a defined range. Acceptance above the 50 DMA is actually essential 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 extra downside alive.

Additionally, a failure to deliver a weekly closing over the critical short-term hurdle of 21 DMA, also suggests that more declines might remain in the offing.

However, the Fed’s finalized monetary policy choice of this season as well as a probable US fiscal stimulus deal could have a major impact on the gold price activity inside the week ahead.

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

TRENDS
Everyday SMA20 1838.62
Everyday SMA50 1874.97
Day SMA100 1910.26
Day 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
Previous Monthly Low 1764.6
Daily 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
Daily Pivot Point R1 1850.03
Everyday Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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