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4 Dec 2014
Gold trades at 6-week high in EUR terms
FXStreet (Mumbai) - Gold prices in the EUR terms are trading steady at six-week high on expectations the European Central Bank (ECB) may sound increasingly dovish going into 2015.
Gold in EUR terms or XAU/EUR trades 979.43/Oz levels. The metal has declined marginally, although prices remain broadly supported ahead of the ECB meet. Moreover, the ECB is expected to start buying asset-backed securities (ABS) in the coming days and may announce purchases of private-sector debt and may push further by announcing a sovereign bond purchase program in order to achieve its balance sheet target of EUR 1 trillion.
Gold (EUR) Technical Levels
Gold has an immediate resistance located at 988.64 (Aug 2014 high), above which gains could be extended to 1001.30 (Mar 2014 high). Meanwhile, support is seen at 977.53 and 970.84 levels.
Gold in EUR terms or XAU/EUR trades 979.43/Oz levels. The metal has declined marginally, although prices remain broadly supported ahead of the ECB meet. Moreover, the ECB is expected to start buying asset-backed securities (ABS) in the coming days and may announce purchases of private-sector debt and may push further by announcing a sovereign bond purchase program in order to achieve its balance sheet target of EUR 1 trillion.
Gold (EUR) Technical Levels
Gold has an immediate resistance located at 988.64 (Aug 2014 high), above which gains could be extended to 1001.30 (Mar 2014 high). Meanwhile, support is seen at 977.53 and 970.84 levels.