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Commodities

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

Gold (XAU/USD) resumed its bearish momentum following a brief 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), now at $1875.

On Wednesday, gold fell as much as 1 % to close to the $1825 region and invested 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 day chart definitely shows that the cost goes on to oscillate in a determined range. Acceptance above the 50-DMA is essential to reviving the recovery momentum from four month troughs of $1765.

Meanwhile, the 200 DMA support during $1809 is the level to beat 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 above the vital short-term hurdle of 21 DMA, also implies that more declines may just remain in the offing.

However, the Fed’s final monetary policy decision of this year as well as a likely US fiscal stimulus deal can have a big impact on the gold price activity in the week ahead.

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

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

LEVELS
Previous Daily High 1847.78
Earlier Daily Low 1824.16
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Day Pivot Point S2 1813.47
Everyday Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Day Pivot Point R3 1873.65

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