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Commodities

Gold Price Analysis: XAU/USD remains trapped between main DMAs in front of Fed week

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

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

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region plus invested the majority of the week meandering near the latter, using the upside endeavors capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the price proceeds to oscillate in a determined range. Acceptance above the 50 DMA is important to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200 DMA assistance during $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the odds for further downside alive.

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

However, the Fed’s final monetary policy choice of this season along with 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
Today previous price 1839.34
Now Daily Change 0.00
Today Daily Change % 0.00
Today every day open 1839.34

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

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Day Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Everyday 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
Daily Pivot Point R3 1873.65

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