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2 Jan 2015
Gold gains in EUR terms
FXStreet (Mumbai) - Gold prices gained strength in the EUR terms today as the prospects of sovereign QE in the Eurozone have weakened the single currency towards the July 2012 lows against the US dollar.
The XAU/EUR or Gold in EUR terms traded 0.75% higher at EUR 983.82/Oz levels at the time of writing. The yellow metal has gained 0.11% in the USD terms, while the EUR/USD pair has weakened 0.39% to 1.2058 levels today. Moreover, the currency debasing effect of the possible sovereign QE in the Eurozone this year is likely to push Gold prices in EUR terms higher. Meanwhile, the political turmoil in Greece is further likely to support gold prices in the 17-nation currency bloc.
Gold (EUR) Technical Levels
The immediate support is seen at 982.92 (50-DMA) and 979.03 (100-DMA) levels. On the other hand, resistance is seen at 989.46 and 993.57 levels.
The XAU/EUR or Gold in EUR terms traded 0.75% higher at EUR 983.82/Oz levels at the time of writing. The yellow metal has gained 0.11% in the USD terms, while the EUR/USD pair has weakened 0.39% to 1.2058 levels today. Moreover, the currency debasing effect of the possible sovereign QE in the Eurozone this year is likely to push Gold prices in EUR terms higher. Meanwhile, the political turmoil in Greece is further likely to support gold prices in the 17-nation currency bloc.
Gold (EUR) Technical Levels
The immediate support is seen at 982.92 (50-DMA) and 979.03 (100-DMA) levels. On the other hand, resistance is seen at 989.46 and 993.57 levels.