22 Jan 2015
Gold declines in EUR terms
FXStreet (Mumbai) - Gold trades weak in EUR terms as markets price-in a possibility of the European Central Bank (ECB) delaying bond purchases till March 2015.
Gold in EUR terms or the XAU/EUR pair currently trades 0.60% lower at EUR 1107.50/Oz levels, compared to the previous session’s close at EUR 1112.39/Oz levels. Prices came under pressure during the US session yesterday on reports that the ECB is considering a sovereign QE program worth EUR 50 billion per month. Although purchases are likely to begin in March. Moreover, the markets were expecting the ECB to begin the QE program right off the bat. Thus, Gold prices clocked a high of EUR 1127.05/Oz before falling to the current levels.
The yellow metal may weaken further if the ECB disappoints market expectation with regards to size and schedule of the QE program.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1115.62, above which the metal could re-test 1127.05 levels. Meanwhile, support is seen at 1100.00 and 1093.84 levels.
Gold in EUR terms or the XAU/EUR pair currently trades 0.60% lower at EUR 1107.50/Oz levels, compared to the previous session’s close at EUR 1112.39/Oz levels. Prices came under pressure during the US session yesterday on reports that the ECB is considering a sovereign QE program worth EUR 50 billion per month. Although purchases are likely to begin in March. Moreover, the markets were expecting the ECB to begin the QE program right off the bat. Thus, Gold prices clocked a high of EUR 1127.05/Oz before falling to the current levels.
The yellow metal may weaken further if the ECB disappoints market expectation with regards to size and schedule of the QE program.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1115.62, above which the metal could re-test 1127.05 levels. Meanwhile, support is seen at 1100.00 and 1093.84 levels.