3 Dec 2014
Gold gains 1% in EUR terms
FXStreet (Mumbai) - The yellow metal gained strength in the EUR terms as the markets expect the European Central Bank (ECB) to announce more aggressive stimulus measures tomorrow.
Gold in EUR terms or XAU/EUR traded 1.02% higher at 977.50/Oz levels. The metal rallied as the expectations of more stimulus drove the EUR/USD pair to a new yearly low of 1.2326 today. Moreover, the ECB President Mario Draghi has stated that policy makers intend to increase the balance sheet size to early 2012 levels. Thus, Gold prices gained strength in EUR terms as the metal is known to have a direct relationship with the size of central bank balance sheet.
Gold (EUR) Technical Levels
The metal has an immediate resistance at 978.97, above which gains could be extended to 985.15 levels. Meanwhile, support is seen at 973.00 and 966.00 levels.
Gold in EUR terms or XAU/EUR traded 1.02% higher at 977.50/Oz levels. The metal rallied as the expectations of more stimulus drove the EUR/USD pair to a new yearly low of 1.2326 today. Moreover, the ECB President Mario Draghi has stated that policy makers intend to increase the balance sheet size to early 2012 levels. Thus, Gold prices gained strength in EUR terms as the metal is known to have a direct relationship with the size of central bank balance sheet.
Gold (EUR) Technical Levels
The metal has an immediate resistance at 978.97, above which gains could be extended to 985.15 levels. Meanwhile, support is seen at 973.00 and 966.00 levels.