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Alert - 14:25 (CET) - Ounce of gold challenges 700 Dollars support
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The XauUsd (Ounce of Gold against the Dollar) is trading at 704.45, ranging between 704.45 and 734.87. The current price is under yesterday's close at 730.50. Checking the hourly graphics, we see that the 20- and 50-day EMA (Exponential Mobile Average) are under the 200-day EMA.
The supports are being watched at 700.00 (key), 677.39 (50% retracement level) and 615.50 (January 9th, 2007 low). The resistances are watched, just in case, at 775.80 (October 22nd high), 856.73 (October 15th high) and 900.00 (key).
The interbank lending rate Libor keeps declining, bringing some ease to the credit markets. As the crude price is also falling, the investors feel no need to seek refuge in the metal, given the inflation that the high crude price causes.
The commodities markets, including the crude, are continuing to decline, given the global recession perspectives.
Meanwhile, the current price is under the 38.20% (762.19) and over the 50.00% (677.99) Fibonacci retracement lines. The Relative Strenght Index (RSI) is at 28 points, oversold. Also, the volatility per hour could reach 3000 pips.
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