9 Dec 2014
Gold underperforms in EUR terms
FXStreet (Mumbai) - Gold prices gained in the EUR terms, albeit at a slower as the demand for yellow metal was restricted after the European Central Bank (ECB) data released yesterday showed a slowdown in the bank’s asset purchases in the last week.
Gold in EUR terms or XAU/EUR traded 0.55% higher at 982.43/Oz levels. The gains in the yellow metal are being capped as a slowdown in the ECB’s weekly asset purchases raised questions regarding the bank’s commitment to increase its balance sheet size to pre-2012 levels.
Meanwhile, the yellow metal gained almost 2% in the US dollar terms as the risk aversion in the financial markets increased the safe haven appeal of the yellow metal.
Gold (EUR) Technical Levels
The metal has an immediate resistance at 985.15, above which gains could be extended to 988.64. Meanwhile, support is seen at 982.19 and 978.97 levels.
Gold in EUR terms or XAU/EUR traded 0.55% higher at 982.43/Oz levels. The gains in the yellow metal are being capped as a slowdown in the ECB’s weekly asset purchases raised questions regarding the bank’s commitment to increase its balance sheet size to pre-2012 levels.
Meanwhile, the yellow metal gained almost 2% in the US dollar terms as the risk aversion in the financial markets increased the safe haven appeal of the yellow metal.
Gold (EUR) Technical Levels
The metal has an immediate resistance at 985.15, above which gains could be extended to 988.64. Meanwhile, support is seen at 982.19 and 978.97 levels.