9 Mar 2016
Gold stays resilient in EUR terms ahead of ECB rate decision
Gold in EUR terms or XAU/EUR pair stays resilient as the investors fear the ECB may come out with a massive easing program tomorrow.
Hovers around hourly 50-MA
Prices currently trade around hourly 50-MA located at EUR 1142.42 levels. The metal dropped in USD terms on the back of risk-on in the European equity markets. However, EUR is being offered as well as markets speculate the ECB may announce a massive expansion in the QE program or fresh LTRO program tomorrow.
Markets have only priced-in a 10 basis point rate cut. Consequently, the yellow metal is trading resilient in EUR terms.
Gold/EUR Technical Levels
The immediate support is seen at 1123.05 (hourly 100-MA), under which prices could drift lower to 1100 handle. On the other hand, a break above 1151 (rising trend line resistance) would expose 1164.67 (Mar 4 high).
Hovers around hourly 50-MA
Prices currently trade around hourly 50-MA located at EUR 1142.42 levels. The metal dropped in USD terms on the back of risk-on in the European equity markets. However, EUR is being offered as well as markets speculate the ECB may announce a massive expansion in the QE program or fresh LTRO program tomorrow.
Markets have only priced-in a 10 basis point rate cut. Consequently, the yellow metal is trading resilient in EUR terms.
Gold/EUR Technical Levels
The immediate support is seen at 1123.05 (hourly 100-MA), under which prices could drift lower to 1100 handle. On the other hand, a break above 1151 (rising trend line resistance) would expose 1164.67 (Mar 4 high).