17 Feb 2015
Gold down more than 2% in EUR terms
FXStreet (Mumbai) - Gold prices have weakened more than 2% in EUR terms as an upbeat data in the Eurozone and Germany overshadowed the standoff between Greece and its international creditors.
Gold falls below 50-DMA
The metal dipped below 50-DMA located at EUR 1061.72 levels during the US session. At the moment, the metal is down 2.29% at EUR 1059.41/OZ levels. Prices begun sliding earlier today after the release of an upbeat German and Eurozone Zew data. Moreover, metal already lacked safe haven demand and an upbeat data only added to the bearish pressures.
Further losses are possible in the EUR terms as the international Gold prices are threatening to fall below USD 1200/Oz levels, while the EUR/USD pair stays resilient at 1.1385; up 0.27% for the day.
Gold (EUR) Technical Levels
The immediate support is seen at 1054.71, under which next major support is directly seen at 1000 levels. Meanwhile, resistance is seen at 1061.72 (50-DMA) and 1075.79 (5-DMA) levels.
Gold falls below 50-DMA
The metal dipped below 50-DMA located at EUR 1061.72 levels during the US session. At the moment, the metal is down 2.29% at EUR 1059.41/OZ levels. Prices begun sliding earlier today after the release of an upbeat German and Eurozone Zew data. Moreover, metal already lacked safe haven demand and an upbeat data only added to the bearish pressures.
Further losses are possible in the EUR terms as the international Gold prices are threatening to fall below USD 1200/Oz levels, while the EUR/USD pair stays resilient at 1.1385; up 0.27% for the day.
Gold (EUR) Technical Levels
The immediate support is seen at 1054.71, under which next major support is directly seen at 1000 levels. Meanwhile, resistance is seen at 1061.72 (50-DMA) and 1075.79 (5-DMA) levels.