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Alert - 13:45 (CET) - XauUsd
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As the crude barrel price declined 7 dollars, due to the global economic slowdown perspectives, the onuce gold profit took from the week high at 777.00 dollars. The investors tend to seek the refuge of the metal when the price of crude rises, due to the inflation that this causes.
The XauUsd (Ounce of Gold against the Dollar) is trading at 732.65, ranging between 722.22 and 742.00. The current price is under yesterday's close at 738.75. 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 681.85 (2008 low), 642.15 (August 2007 low) and 600.00 (key). The resistances are at 748.70 (October 24th high), 775.80 (October 22nd high) and 810.20 (October 20th high).
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 46 points, after being near the oversold area. Also, the volatility per hour could reach 1800 pips.
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