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Commodities

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

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

The sellers returned following the metal faced rejection at the 50-daily moving the everyday (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 proceeds to oscillate in a determined range. Acceptance above the 50 DMA is critical to reviving the healing momentum from four-month troughs of $1765.

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

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

But, the Fed’s finalized monetary policy choice of this year and a probable US fiscal stimulus deal can have a big effect on the gold price action in 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
Daily SMA50 1874.97
Everyday SMA100 1910.26
Everyday SMA200 1809.34

LEVELS
Earlier 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
Everyday Pivot Point S2 1813.47
Daily Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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