25 Nov 2014
Gold trades weak in EUR terms
FXStreet (Mumbai) - Gold prices failed to rally in EUR terms despite posting gains against the US dollar, since the single currency strengthened against the greenback tracking a fall in the US Treasury yields post an upbeat US Q3 GDP report.
Gold in EUR terms or XAU/EUR trades 0.06% lower at EUR 961.64, down from the high of EUR 968.03 hit earlier today. The yellow metal failed to gain strength as the fall in the treasury yields pushed the EUR/USD pair higher towards 1.2470 levels. Meanwhile, an uptick in the German third quarter GDP report released earlier today also helped curb the safe haven demand for the metal.
However, Gold prices have strengthened 0.20% against the greenback to trade at USD 1999/Oz levels.
Gold (EUR) Technical Levels
Gold has an immediate resistance located at 964.00, above which gains could be extended to 969.52 levels. On the flip side, a break below 955.00, shall open doors for a re-test of 948.00 levels.
Gold in EUR terms or XAU/EUR trades 0.06% lower at EUR 961.64, down from the high of EUR 968.03 hit earlier today. The yellow metal failed to gain strength as the fall in the treasury yields pushed the EUR/USD pair higher towards 1.2470 levels. Meanwhile, an uptick in the German third quarter GDP report released earlier today also helped curb the safe haven demand for the metal.
However, Gold prices have strengthened 0.20% against the greenback to trade at USD 1999/Oz levels.
Gold (EUR) Technical Levels
Gold has an immediate resistance located at 964.00, above which gains could be extended to 969.52 levels. On the flip side, a break below 955.00, shall open doors for a re-test of 948.00 levels.