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Commodities

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

Gold (XAU/USD) resumed its bearish momentum following a short 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 almost as one % to close to the $1825 region and spent 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 daily chart definitely shows that the price goes on to oscillate in a determined range. Acceptance above the 50-DMA is important to reviving the recovery momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA support at $1809 is the level to get over for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for additional 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 could be in the offing.

Nonetheless, the Fed’s final monetary policy choice of this season along with a likely US fiscal stimulus deal might have a major influence on the gold price action inside 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 every day open 1839.34

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

LEVELS
Previous Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier 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
Daily 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
Day Pivot Point R3 1873.65

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