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Commodities

Gold Price Analysis: XAU/USD continues to be caught between main DMAs in front of Fed week

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

The sellers returned following the alloy faced rejection at the 50-daily carrying average (DMA), today at $1875.

On Wednesday, gold fell pretty much as 1 % to close to the $1825 region and paid the majority 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 daily chart definitely shows that the cost goes on to oscillate in a defined range. Acceptance above the 50-DMA is critical to reviving the retrieval momentum from four-month troughs of $1765.

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

In addition, a failure to provide a weekly closing above the essential short term hurdle of 21 DMA, also suggests that more declines might be in the offing.

Nonetheless, the Fed’s finalized monetary policy decision of this season and a probable US fiscal stimulus deal could have a big effect on the gold price action within the week ahead.

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

TRENDS
Daily SMA20 1838.62
Day 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
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Everyday Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Everyday 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
Day Pivot Point R3 1873.65

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