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Gold gains in Euro terms

FXStreet (Mumbai) - Gold prices moved into the green for the 17-nation currency bloc, tracking the weakness in the EUR/USD pair.

Gold is trading 0.10% higher at EUR 923.50/Oz levels, after having recovered from the low of EUR 914.92 levels. The yellow metal remains well supported after the European Central Bank (ECB) president Mario Draghi indicated a willingness on the part of policymakers to push the balance sheet size higher towards early-2012 levels.

The metal may erase gains in Euro terms, if the US Non-farm payrolls (nfp) data for the month of October shows a significant slowdown in the job additions. However, the metal is likely to inch higher ahead of the data as markets price-in a better-than-expected print.

Gold (Euro) Technical levels

Gold has an immediate resistance at 925.62, above which the prices can rise to 940.81. Meanwhile, a strong support is seen at 911.00 levels.

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