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Alert - 10:45 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 840.30, ranging between 830.20 and 846.12. The current price is over yesterday's close at 836.45. Checking the hourly graphics, we see that the 20- and 50-day EMA (Exponential Mobile Average) are under the 200-day EMA.
The resistances are set at 924.55 (September 29th high), 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).
Last Monday, the House of Representatives did not pass the bailout plan for the US financial sector, sinking the world stocks and sending the Gold 3.4% higher against the Dollar in a single day.
However, as the week progressed in a countdown for today's vote by the House of Representatives, the greenback gained 3.65% against Gold, expressing the desire of the market. It's worth highlighting that the investors seek the metal in times of financial tensions.
Meanwhile, the current price is under the 23.60% (866.50) and over the 38.20% (762.19) Fibonacci retracement lines. The Relative Strenght Index (RSI) is at 40 points, rebounding from the oversold area. Also, the volatility per hour could reach 1700 pips.
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