28 Nov 2014
Gold slightly resilient in EUR terms
FXStreet (Mumbai) - Gold prices remain somewhat resilient in the Euro terms as falling oil prices underscore the need for the European central Bank (ECB) to do more in order to push inflation expectations higher in the Eurozone.
Gold in EUR terms or XAU/EUR trades 0.40% lower at EUR 950.84/Oz levels. However, the yellow metal is down 1.29% against the US dollar. Moreover, the metal is being able to outperform in EUR terms since markets consider a sovereign QE in the Euro zone, a done deal. Meanwhile, markets have largely ignored the Eurozone CPI inflation data, which printed in-line with expectation of 0.3% year-on-year. Core inflation too, printed in-line with expectation at 0.3% year-on-year.
Gold (EUR) Technical Levels
Gold has an immediate support around 945.00 levels, under which prices can fall to 930.00 levels. On the other hand, resistance is seen at 955.00 and 960.00 levels.
Gold in EUR terms or XAU/EUR trades 0.40% lower at EUR 950.84/Oz levels. However, the yellow metal is down 1.29% against the US dollar. Moreover, the metal is being able to outperform in EUR terms since markets consider a sovereign QE in the Euro zone, a done deal. Meanwhile, markets have largely ignored the Eurozone CPI inflation data, which printed in-line with expectation of 0.3% year-on-year. Core inflation too, printed in-line with expectation at 0.3% year-on-year.
Gold (EUR) Technical Levels
Gold has an immediate support around 945.00 levels, under which prices can fall to 930.00 levels. On the other hand, resistance is seen at 955.00 and 960.00 levels.