The XauUsd (Ounce of Gold against the Dollar) is trading at 935.95, ranging between 932.42 and 947.65. The current price is under yesterday's close at 946.75. Checking the hourly graphics, we see that the 20- and 50-day EMA (Exponential Mobile Average) are over the 200-day EMA.
After breaking the resistance at 890.68 (December 28th high), the traders are watching the next at 930.34 (October 10th high) and 988.53 (Jly 15th high). The supports are watched at 824.05 (Janaury 20th low), 800.00 (key), 741.60 (December 5th high) and 700.00 (key).
In this session, the meatl advanced 1.04% against the Dollar. The metal contract options market is suggesting that more investores are seeking the metal as an anti-inflation refuge. The call contrats' open positions, open interest, that give the investor the right to buy gold at 1000 dollars climbed 24% since the beginning of 2009. The price of this contract doubled since January 15th. In contrast, the selling rights of the ounce, the puts, at 800 dollars, fell 73% in the same period.
Meanwhile, the current price is over the 23.60% (861.24) and under the 0.00% (1033.50) Fibonacci retracement line. The Relative Strenght Index (RSI) is at 41 points, rebounding from the overbought area. Also, the average volatility per hour is 1200 pips.
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