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Alert - 14:50 (CET) - Gold climbs more than 13 dollars
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The XauUsd (Ounce of Gold against the Dollar) is trading at 828.42, ranging between 821.88 and 833.35. The current price is over yesterday's close at 822.40. 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 856.32 (October 15th high).
This session, the gold has advanced more than 13 dollars, thrusted by the climb of more than 5% of the crude barrel, as the speculation grows that OPEC will drastically cut production next Wednesday.
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 57 points, after being overbought. Also, the average volatility per hour is 1200 pips.
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