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Alert - 10:10 (CET) - Gold challenges the 945 dollars support, given the rebound in the financial sector
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The XauUsd (Ounce of Gold against the Dollar) is trading at 945.30, ranging between 943.32 and 956.80. The current price is under yesterday's close at 953.47. Checking the hourly graphics, we see that the 20- and 50-day EMA (Exponential Mobile Average) are under the 200-day EMA.
Even though the traders contemplate the resistances at 988.53 (Jly 15th high), 1000.00 (psychological) and 1200.00, they bear in mind the current profit taking. Thus, the supports are watched at 932.73 (February 13th low), 900.00 (key) and 852.48 (January 23rd low).
Given the fnancial sector rebound in the current session, the traders continued to sell the ounce of gold, as the credit tensions dim. The Royal Bank of Scotland Plc. posted smaller than expected losses in the fourth quarter and accepted a new government aid worth 325.000 million Pounds.
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 34 points, rebounding from the oversold area. Also, the average volatility per hour is 3400 pips.
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