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Alert - 15:00 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 818.28, ranging between 808.00 and 822.33. The current price is under yesterday's close at 820.95. Checking the hourly graphics, we see that the 20- and 50-day EMA (Exponential Mobile Average) are over the 200-day EMA.
As the supports are being watched at 700.00 (key), 681.85 (2008 low) and 642.15 (August 2007 low). As the pair broke the resistances at 768.80 (November 10th high) and 800.00 (key), the traders are watching the next at 872.68 (October 13th high).
The US Senate failed to approve the bailout plan for the US automakers, which prompted a decline of more than 5% in the crude barrel. This way, the ounce of gold was forced to go through negative territory, even if it's showing some signs of rebounding of its intraday lows.
Remember that when the crude price goes up, the gold usually follows it, as the investors use it to protect themselves from the inflation the crude causes.
Meanwhile, the current price is over the 23.60% (759.32) Fibonacci retracement line. The Relative Strenght Index (RSI) is at 52 points, after being overbought. Also, the average volatility per hour is 1200 pips.
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