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Alert - 15:40 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 735.75, ranging between 732.93 and 750.80. The current price is under today's opening at 746.63. 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 ounce is profit taking from yesterday high's at 768.60 dollars, as the crude barrel falls under the 60 dollar marl. Remember the investors tend to seek refuge in the metal when the crude price rises, to protect themselves from the inflation this causes.
The supports are being watched at 700.00 (key), 681.85 (2008 low) and 642.15 (August 2007 low). The resistances are at 768.80 (November 10th high), 800.00 (key) and 872.68 (October 13th high).
Meanwhile, the current price is over the 50.00% (677.99) Fibonacci retracement line. The Relative Strenght Index (RSI) is at 34 points, near the oversold area. Also, the averrage volatility per hour is 2000 pips.
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