21 Jan 2015
Gold falls 1% in EUR terms
FXStreet (Mumbai) - Gold fell more than 1% in EUR terms after reports made the rounds that the European Central Bank has postponed the balance sheet expansion via QE program until March.
The yellow metal in EUR terms or XAU/EUR pair fell USD 1105.97/Oz levels after Bloomberg reported the ECB would purchase EUR 50 billion worth of bonds per month, although it would begin purchasing bonds in March. However, gold prices had priced-in the beginning of QE with immediate effect. The disappointment, thus, lead to a fall in gold prices.
Gold (EUR) Technical Levels
The immediate support is seen at 1000, under which losses could be extended to 1093.80 levels. Meanwhile, resistance is seen at 113.27 and 1122.66 levels.
The yellow metal in EUR terms or XAU/EUR pair fell USD 1105.97/Oz levels after Bloomberg reported the ECB would purchase EUR 50 billion worth of bonds per month, although it would begin purchasing bonds in March. However, gold prices had priced-in the beginning of QE with immediate effect. The disappointment, thus, lead to a fall in gold prices.
Gold (EUR) Technical Levels
The immediate support is seen at 1000, under which losses could be extended to 1093.80 levels. Meanwhile, resistance is seen at 113.27 and 1122.66 levels.