4 Nov 2015
Gold/EUR: Slide stalls after 4-day losing streak
FXStreet (Mumbai) - Gold prices in the EUR terms are attempting to regain poise after suffering sharp losses in the last four trading days.
EUR under pressure
The common currency came under pressure as the equities across Europe ticked higher. Consequently, gold prices in the EUR terms advanced to a high of EUR 1025.62, before falling back to EUR 1022.80/Oz levels.
The investors now await the German and the aggregate Eurozone service sector PMI reports. Meanwhile, equities could continue to guide the movement in the EUR and thereby influence gold prices.
Gold/EUR Technical Levels
The immediate support is seen at 1020.15 (confluence of 100-DMA and 50% of Sep low-Oct high), under which the next major support is seen directly at 1000. On the other side, resistance is seen at 1028.63 (23.6% of Oct 28 high-No 3 low), above which the prices could test 1031.64 (38.25 of Sep low-Oct high).
EUR under pressure
The common currency came under pressure as the equities across Europe ticked higher. Consequently, gold prices in the EUR terms advanced to a high of EUR 1025.62, before falling back to EUR 1022.80/Oz levels.
The investors now await the German and the aggregate Eurozone service sector PMI reports. Meanwhile, equities could continue to guide the movement in the EUR and thereby influence gold prices.
Gold/EUR Technical Levels
The immediate support is seen at 1020.15 (confluence of 100-DMA and 50% of Sep low-Oct high), under which the next major support is seen directly at 1000. On the other side, resistance is seen at 1028.63 (23.6% of Oct 28 high-No 3 low), above which the prices could test 1031.64 (38.25 of Sep low-Oct high).