Gold Price Analysis: XAU/USD remains trapped between key DMAs in front 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 the everyday (DMA), today at $1875.

On Wednesday, gold fell as much as one % to close to the $1825 region plus spent the rest of the week meandering near 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 cost continues to oscillate in a defined range. Acceptance above the 50-DMA is actually critical to reviving the retrieval 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 at 47.01, keeping the chances for further downside alive.

Further, a failure to deliver a weekly closing above the vital short term hurdle of 21-DMA, also hints that more declines might be in the offing.

However, the Fed’s finalized monetary policy decision of this season and a likely US fiscal stimulus deal could have a big influence on the gold price action inside 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
Day 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
Earlier Weekly High 1875.34
Previous Weekly Low 1822.22
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1838.76
Day Fibonacci 61.8% 1833.18
Day Pivot Point S1 1826.41
Everyday Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65