19 Feb 2015
Gold inches higher in EUR terms
FXStreet (Mumbai) - Gold prices inched higher in EUR terms, although the gains are relatively moderate as compared to the ones seen in Gold in USD terms. The fading uncertainty surrounding the Greek debt issue is capping gains in the yellow metal.
Gold (EUR): Trades below 38.2% Fib level
Gold prices are trading below EUR 1073.09/Oz levels; the 38.2% retracement level of the uptrend from 919.08-1168.55. The metal has gained almost 0.55 to trade at EUR 1069.30/Oz levels, although gains are being capped after Greek government said its request for 6 month bailout extension will honor financial commitments to all its creditors.
The Eurogroup is set to meet on Firday to decide upon Greece’s extension request. Markets believe the deal would be reached, still some amount of caution persists, which is evident from the sudden fall in the EUR/USD from 1.1449 to 1.14 levels. Consequently, Gold inched up by 0.5%.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1073.09, above which gains could be extended to 1089.11 levels. On the flip side, a break below 1053.90 could push the pair down to 1043.73 levels.
Gold (EUR): Trades below 38.2% Fib level
Gold prices are trading below EUR 1073.09/Oz levels; the 38.2% retracement level of the uptrend from 919.08-1168.55. The metal has gained almost 0.55 to trade at EUR 1069.30/Oz levels, although gains are being capped after Greek government said its request for 6 month bailout extension will honor financial commitments to all its creditors.
The Eurogroup is set to meet on Firday to decide upon Greece’s extension request. Markets believe the deal would be reached, still some amount of caution persists, which is evident from the sudden fall in the EUR/USD from 1.1449 to 1.14 levels. Consequently, Gold inched up by 0.5%.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1073.09, above which gains could be extended to 1089.11 levels. On the flip side, a break below 1053.90 could push the pair down to 1043.73 levels.