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2 Dec 2014
Gold outperforms in EUR terms
FXStreet (Mumbai) - Gold prices remained relatively resilient in the EUR terms as expectations of more aggressive monetary stimulus from the European Central Bank (ECB) kept the single current under pressure.
Gold in EUR terms or XAU/EUR traded 0.68% lower at EUR 965.32/Oz levels at the time of writing. The single currency fell against the greenback as the market expects the ECB to announce its own version of the sovereign bond purchase program later this week.
Moreover, the ECB President Mario Draghi has stated on numerous occasions since the last month that the policymakers intend to increase the ECB’s balance sheet size to early 2012 levels. Thus, the EUR/USD pair has weakened 0.34% to trade at 1.2428 levels.
Meanwhile, the yellow metal is trading 1.55% lower in USD terms at 119.20/Oz levels. The metal fell below its 50-DMA level of USD 1200/Oz during the European session today.
Gold (EUR) Technical Levels
Gold has an immediate support located at 960.00 (100-DMA), under which prices can fall to 954 (200-dMA). Meanwhile, resistance is seen at 973.00 and 978.00 levels.
Gold in EUR terms or XAU/EUR traded 0.68% lower at EUR 965.32/Oz levels at the time of writing. The single currency fell against the greenback as the market expects the ECB to announce its own version of the sovereign bond purchase program later this week.
Moreover, the ECB President Mario Draghi has stated on numerous occasions since the last month that the policymakers intend to increase the ECB’s balance sheet size to early 2012 levels. Thus, the EUR/USD pair has weakened 0.34% to trade at 1.2428 levels.
Meanwhile, the yellow metal is trading 1.55% lower in USD terms at 119.20/Oz levels. The metal fell below its 50-DMA level of USD 1200/Oz during the European session today.
Gold (EUR) Technical Levels
Gold has an immediate support located at 960.00 (100-DMA), under which prices can fall to 954 (200-dMA). Meanwhile, resistance is seen at 973.00 and 978.00 levels.