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Gold declines in EUR terms ahead of Eurozone GDP data

FXStreet (Mumbai) - Gold prices declined for the 17-nation currency bloc as an upbeat German GDP increased the probability of a better-than-expected Eurozone GDP data due for release later today.

Gold or XAU/EUR traded 0.60% lower at EUR 926.22/Oz levels at the time of writing, compared to the previous session’s close of EUR 930.76. The metal declined after the official data in Germany showed the economy narrowly avoided recession with minimal growth of 0.1% in the third quarter. Furthermore, the previous quarter’s print was revised higher to -0.1% from -0.2%.

The yellow metal may fall further in EUR terms, if the Eurozone third quarter GDP prints higher than market expectation. Meanwhile, the EUR/USD pair declined to 0.16% to trade at 1.2456 levels.

Gold (EUR) Technical Levels

Gold has an immediate resistance at 932.52, above which the prices can rally to 938.50 levels. On the flip side, support is seen at 923.07 and 911.72 levels.

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