Gold Price Analysis: XAU/USD remains caught between key DMAs ahead of Fed week

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

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

On Wednesday, gold fell almost as one % to near the $1825 region and invested the majority 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 clearly shows that the cost goes on 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 support during $1809 is the degree to beat for the bears. The 14-day Relative Strength Index (RSI) settled the week during 47.01, keeping the odds for further downside alive.

Additionally, a failure to provide a weekly closing on top of the vital short-term hurdle of 21-DMA, also suggests that more declines could be in the offing.

Nonetheless, the Fed’s finalized monetary policy decision of this year along with a probable US fiscal stimulus deal can have a significant effect on the gold price activity within 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 every day open 1839.34

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