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Alert - 14:40 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 766.08, ranging between 743.10 and 766.40. The current price is over yesterday's close at 744.70. 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 supports are being watched at 700.00 (key), 681.85 (2008 low) and 642.15 (August 2007 low). Right now, the pair broke the resistance at 768.80 (November 10th high). This way, the traders are watching more ambitious levels at 800.00 (key) and 872.68 (October 13th high).
The advance of the ounce of gold is due to a basket of credit oncerns from the previous sessions and to the rebound of the crude price from the 50 dollar mark. Everytime the energetic commodity goes up, the investors seek a safe haven in metal, due to the inflation the crude triggers.
Meanwhile, the current price is over the 23.60% (759.32) Fibonacci retracement line. The Relative Strenght Index (RSI) is at 75 points, overbought. Also, the average volatility per hour is 110 pips.
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