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Gold declines in EUR terms

FXStreet (Mumbai) - The yellow metal declined in EUR terms tracking a rise in the major European equity indices as investors believe the European Central Bank will take further measures to boost the region’s economy.

Gold is trading at EUR 918.57/Oz levels, down 1.34% for the day. The prices hit a low of EUR 914.71/Oz tracking a sharp rise in the European equity indices. However, Gold prices recovered slightly after the Eurozone services PMI and the German services PMI failed to meet the market expectations. Moreover, the EUR/USD pair declined 0.41% post the release of the data.

Gold may gain in EUR terms, if the markets push the EUR/USD pair lower in anticipation of the announcement of more aggressive stimulus measures by European Central Bank tomorrow.

Gold (EUR) Technical levels

Gold has an immediate support located at EUR 910.51, under which the prices can fall to EUR 900.00 levels. On the flip side, Gold can rise to EUR 925, if the immediate resistance at EUR 920.00 is breached.

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