Gold awaits a breakout from the recent trading range. XAU/USD remains locked between 50-DMA and 200-DMA. All eyes on the Fed decision and a potential US fiscal stimulus deal. Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub-$1800 in the last week. The sellers returned after the metal faced rejection at the 50-daily moving average (DMA), now at $1875. On Wednesday, gold fell as much as 1% to near the $1825 region and spent the rest of the week meandering near the latter, with the upside attempts 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 critical to reviving the recovery momentum from four-month troughs of $1765. Meanwhile, the 200-DMA support at $1809 is the level 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. Further, a failure to deliver a weekly closing above the critical short-term hurdle of 21-DMA, also suggests that more declines could be in the offing. However, the Fed’s final monetary policy decision of this year and a likely US fiscal stimulus deal could have a significant impact on the gold price action in the week ahead. Gold Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Chart Analysis: ETH looks to regain $600 amid falling wedge breakout FX Street 2 years Gold awaits a breakout from the recent trading range. XAU/USD remains locked between 50-DMA and 200-DMA. All eyes on the Fed decision and a potential US fiscal stimulus deal. Gold (XAU/USD) resumed its bearish momentum following a brief recovery from multi-month lows sub-$1800 in the last week. The sellers returned after the metal faced rejection at the 50-daily moving average (DMA), now at $1875. On Wednesday, gold fell as much as 1% to near the $1825 region and spent the rest of the week meandering near the latter, with the upside attempts capped by the 21-DMA of $1841. Gold Price Chart:… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
