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Alert - 17:40 (CET) - XauUsd in two months high
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The XauUsd (Ounce of Gold against the Dollar) is trading at 879.00, ranging between 874.15 and 890.55, almost 10 dollars over yesterday's close at 869.30. 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 800.00 (key), 763.01 (December 9th low) and 700.00 (key). The resistances are set at 900.00 (key), 930.60 (October 10th high) and 987.71 (July 15th high).
The instability in the Middle East gave gold the perfect conditions to shine its safe haven status, hitting two months highs, as the crude has climbed this session.
Meanwhile, the current price is under the 23.60% (875.95) and over the 38.20% (778.78) Fibonacci retracement lines. The Relative Strenght Index (RSI) is at 55 points, rebounding from the overbought area. Also, the average volatility per hour is 6147 pips.
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