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Commodities

Gold Price Analysis: XAU/USD remains trapped between key DMAs ahead of Fed week

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

The sellers returned after the alloy faced rejection at the 50-daily moving average (DMA), now at $1875.

On Wednesday, gold fell pretty much as one % to in close proximity to the $1825 region and spent the majority of the week meandering near the latter, using the upside tries capped by the 21-DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart clearly shows that the price proceeds to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the recovery momentum from four-month troughs of $1765.

Meanwhile, the 200 DMA support at $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 additional downside alive.

Additionally, a failure to provide a weekly closing on top of the crucial short term hurdle of 21 DMA, also implies that more declines might be in the offing.

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

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

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

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Earlier Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Earlier Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Daily Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily 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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