Gold Price Analysis: XAU/USD remains caught between main 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 during the last week.

The sellers returned following the metal faced rejection at the 50-daily carrying average (DMA), today at $1875.

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

Gold Price Chart: Daily

XAU/USD’s day chart clearly shows that the retail price continues to oscillate in a defined range. Acceptance above the 50-DMA is essential to reviving the retrieval momentum from four-month troughs of $1765.

Meanwhile, the 200 DMA assistance during $1809 is the level to get over 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 over the critical short-term hurdle of 21-DMA, also hints that more declines may just stay in the offing.

However, the Fed’s finalized monetary policy choice of this season along with a likely US fiscal stimulus deal can have a big influence 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
Now daily open 1839.34

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

LEVELS
Earlier 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
Everyday Fibonacci 38.2% 1838.76
Everyday Fibonacci 61.8% 1833.18
Daily Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Daily Pivot Point R1 1850.03
Day Pivot Point R2 1860.71
Day Pivot Point R3 1873.65