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Alert - 15:00 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 747.99, ranging between 725.62 and 749.90. The current price is over yesterday's close at 736.50. Checking the hourly graphics, we see that the 20- and 50-day EMA (Exponential Mobile Average) are under the 200-day EMA, but the price is over this one.
As the credit concerns are back, with Freddie Mac asking the US Treasure for an additional $13.8bn aid, the investors are going back to the safe haven of the precious metal. Also, Bernanke warned that the stress in this sector may continue, forcing his central bank colleagues to take coordinated steps.
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 71 points, overbought. Also, the averrage volatility per hour is 700 pips.
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