Gold Price Analysis: XAU/USD remains caught between main DMAs in front of Fed week

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

The sellers returned after the metal faced rejection at the 50 daily carrying average (DMA), now at $1875.

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

Gold Price Chart: Daily

XAU/USD’s daily chart definitely shows that the price goes on to oscillate in a determined range. Acceptance above the 50-DMA is actually essential to reviving the healing momentum from four month troughs of $1765.

Meanwhile, the 200-DMA support during $1809 is the degree 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.

In addition, a failure to provide a weekly closing over the critical short-term hurdle of 21 DMA, also implies that more declines could stay in the offing.

But, the Fed’s finalized monetary policy decision of this season and a likely US fiscal stimulus deal might have a big impact 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 daily open 1839.34

TRENDS
Daily SMA20 1838.62
Day SMA50 1874.97
Day SMA100 1910.26
Day 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
Day Fibonacci 61.8% 1833.18
Everyday Pivot Point S1 1826.41
Daily Pivot Point S2 1813.47
Day Pivot Point S3 1802.79
Day Pivot Point R1 1850.03
Daily Pivot Point R2 1860.71
Daily Pivot Point R3 1873.65