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Alert - 14:30 (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 over the 200-day EMA, and the price is over this one.
Bearing in mind that the economic indicators are pointing towards a deep recession, it is speculated that the metal demand will slowdown, unless the credit worries rise, justifying the current profit taking on the golden cross.
The pais is just following the stocks and oil barrel price swings. As this last one has rebounded in the last few hors, so has the gold. Everytime the energetic commodity goes up, the investors seek a safe haven in metal, due to the inflation the crude triggers.
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).
Meanwhile, the current price is under the 23.60% (759.32) and over the 50.00% (675.36) Fibonacci retracement lines. The Relative Strenght Index (RSI) is at 52 points, rebounding from the overbought area. Also, the average volatility per hour is 1400 pips.
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