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Commodities

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

Gold (XAU/USD) resumed its bearish momentum 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 shifting average (DMA), today at $1875.

On Wednesday, gold fell almost as one % to in close proximity to the $1825 region and paid the remainder of the week meandering close to the latter, while using upside tries capped by the 21 DMA of $1841.

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the retail 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 assistance at $1809 is the degree to beat for the bears. The 14 day Relative Strength Index (RSI) settled the week during 47.01, keeping the chances for further downside alive.

Further, a failure to deliver a weekly closing on top of the crucial short term hurdle of 21 DMA, also hints that more declines might remain in the offing.

However, the Fed’s finalized monetary policy decision of this season along with a probable US fiscal stimulus deal could have a big effect 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
Daily SMA20 1838.62
Daily SMA50 1874.97
Day SMA100 1910.26
Daily SMA200 1809.34

LEVELS
Earlier Daily High 1847.78
Previous Daily Low 1824.16
Previous Weekly High 1875.34
Earlier Weekly Low 1822.22
Earlier Monthly High 1965.58
Previous Monthly Low 1764.6
Day 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
Everyday Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65

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