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Alert - 10:20 (CET) - Golden refuge accumulates weekly return of 10.3%
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The XauUsd (Ounce of Gold against the Dollar) is trading at 923.62, ranging between 909.05 and 913.02. The current price is over yesterday's close at 913.25. Checking the hourly graphics, we see that the 20- and 50-day EMA (Exponential Mobile Average) are under the 200-day EMA.
Right now, the traders are challenging thhe resistance at 924.55 (September 29th high). This level was hit when the financial crisis in the US "exploded", when Lehman Brothers Holdings Inc. failed and the Fed had to bailout AIG. Therefore, this level has a special meaning for the traders.
If it's broken, the traders will contemplate the next levels at 949.25 (July 23rd high), 988.53 (July 15th high). As the support at 864.35 (September 26th low) was broken, the traders are watching the next at 824.65 (19th September low) and 736.50 (September 11th and anual low).
Given the uncertainties surrounding the world financial sector, the investors are seeking the safest safe haven of all, as it is the golden cross. This week, the pair accumulated a return of 10.3%.
Meanwhile, the current price is under the 0.00% (1032.90) and over the 23.60% (863.77) Fibonacci retracement lines. The Relative Strenght Index (RSI) is at 65 points, after being overbought.Also, the volatility per hour could reach 6000 pips.
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