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 short recovery from multi month lows sub 1dolar1 1800 within the last week.

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

On Wednesday, gold fell pretty much as 1 % to in close proximity to the $1825 region and invested the rest 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 continues to oscillate in a defined range. Acceptance above the 50 DMA is essential to reviving the recovery momentum from four month troughs of $1765.

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

Further, a failure to deliver a weekly closing over the essential short-term hurdle of 21-DMA, also suggests that more declines may just stay in the offing.

Nonetheless, the Fed’s finalized monetary policy choice of this season as well as a probable US fiscal stimulus deal could have a big influence on the gold price activity in the week ahead.

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

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

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