13 Feb 2015
Gold marginally up in EUR terms ahead of GDP data
FXStreet (Mumbai) - Gold prices are trading marginally higher ahead of the preliminary Eurozone Q4 GDP data, which is likely to show the economy expanded at 0.8% year-on-year.
Bearish crossover between 5-DMA and 10-DMA
The weakness in Gold prices since the beginning of the week has led to a bearish crossover between the 5-DMA (1082.11) and the 10-DMA (1092.45). Moreover, the metal failed to gain strength despite the Greece-led uncertainty and escalating tension in Ukraine. This lack of safe haven demand could lead to a sharp fall in the yellow metal in case the Eurozone GDP data provides a positive surprise.
Meanwhile, Gold in USD terms has managed to outperform today, trading higher by USD 6 at USD 1227.60/Oz levels, while Gold in EUR terms gained EUR 3 to trade at EUR 1074.50/Oz.
Gold (EUR) Technical Levels
The immediate support is seen at 1054.71 (Jan. 13th high), under which next major support is seen at 1000.00 levels. Meanwhile, resistance is seen at 1084.20 (Feb. 6th low) and 1100.00 levels.
Bearish crossover between 5-DMA and 10-DMA
The weakness in Gold prices since the beginning of the week has led to a bearish crossover between the 5-DMA (1082.11) and the 10-DMA (1092.45). Moreover, the metal failed to gain strength despite the Greece-led uncertainty and escalating tension in Ukraine. This lack of safe haven demand could lead to a sharp fall in the yellow metal in case the Eurozone GDP data provides a positive surprise.
Meanwhile, Gold in USD terms has managed to outperform today, trading higher by USD 6 at USD 1227.60/Oz levels, while Gold in EUR terms gained EUR 3 to trade at EUR 1074.50/Oz.
Gold (EUR) Technical Levels
The immediate support is seen at 1054.71 (Jan. 13th high), under which next major support is seen at 1000.00 levels. Meanwhile, resistance is seen at 1084.20 (Feb. 6th low) and 1100.00 levels.