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Alert - 17:40 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 917.80, ranging between 903.85 and 928.05. The current price is under yesterday's close at 927.85. 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.
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 800.00 (key), 741.60 (December 5th high) and 700.00 (key).
An interesting data is taht according to the last report from the Commitment of Traders of the Commodity Futures Trading Commission (CFTC), the largest metal traders (see graphic) are positioned net long in its highest levels since August 2nd 2008. According to these, the data suggest that more agents are jumping into the said market.
One of the reasons for this behaviour is that the investores are worried about the massive amounts of money that central banks all around the world are printing, in order to stimulate the economy. Given the high inflationary risks of this measure, the investors found in the ounce of gold the best safe haven against inflation.
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 56 points, rebounding from the oversold area. Also, the average volatility per hour is 1300 pips.
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