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Alert - 17:50 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 836.90, ranging between 832.35 and 846.55. The current price is under yesterday's close at 843.15. Checking the hourly graphics, we see that the 20- and 200-day EMA (Exponential Mobile Average) are over the 50-day EMA, with the price challenging the latter.
The resistances are set at 857.10 (January 12th high), 890.68 (December 28th high) and 930.34 (October 10th high). The supports are watched at 800.00 (key), 741.60 (December 5th high) and 700.00 (key).
As the crude is falling more than 6% today, the investores see no need to seek refuge in Gold, to protect themselves from the inflation triggered by higher crude prices. This way, the dollar is advancing 0.5% against the metal.
Meanwhile, the current price is under the 23.60% (864.88) and over the 38.20% (761.00) Fibonacci retracement line. The Relative Strenght Index (RSI) is at 55 points, after being very overbought. Also, the average volatility per hour is 1700 pips.
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