Gold Price Analysis: XAU/USD continues to be trapped between key DMAs ahead 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 metallic faced rejection at the 50-daily carrying typical (DMA), today at $1875.

On Wednesday, gold fell pretty much as one % to near the $1825 region and paid the rest of the week meandering near the latter, with the upside endeavors capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the cost goes on to oscillate in a determined range. Acceptance above the 50 DMA is actually essential to reviving the retrieval momentum from four-month troughs of $1765.

Meanwhile, the 200-DMA support during $1809 is the degree to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week at 47.01, keeping the chances for additional downside alive.

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

Nonetheless, the Fed’s final monetary policy decision of this year as well as a likely US fiscal stimulus deal can have a big influence on the gold price action within the week ahead.

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

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

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

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