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Alert - 16:30 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 736.87, ranging between 732.37 and 741.52. The current price is under yesterday's close at 738.05. 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.
Bearing in mind that the global economic indicators suggest a severe recession, it is speculated that the demand of metals will decline in the short time, unless the credit worries rise again, justifying the current profit taking in the golden cross.
The gold is following the stocks and commodities swings, especially the crude barrel. As this recovered in the last few hours, so has the precious metal. Everytime the crude price rises, the investors tend to seek refuge in Gold, due to the inflation that the energetic commodity 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 52 points, rebounding from the overbought area. Also, the averrage volatility per hour is 1400 pips.
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