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Gold gains 1% in Euro terms

FXStreet (Mumbai) - Gold prices have inched higher in the 17-nation currency bloc after the European Central Bank (ECB) President Mario Draghi indicated downside risks to the Eurozone’s growth and inflation forecasts.

Gold or XAU/EUR is trading 1.00% higher at EUR 922.56/Oz levels. The prices have recovered from a low of EUR 911.65 levels hit earlier today tracking the losses in the EUR/USD which fell to 1.24 levels.

Moreover, the yellow metal inched higher in Euro terms as the central bank chief indicated that the ECB’s balance sheet size will be boosted toward the early-2012 levels. The yellow metal is known to have a direct relationship with the central bank’s balance sheet size.

Gold (EUR) Technical Levels

Gold has an immediate resistance at 925.62, above which the prices can rise to 940.81 levels. On the other hand, a strong support is seen at 910.65 levels.

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