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Gold gains in EUR terms

FXStreet (Mumbai) - Gold prices are modestly up in the 17-nation currency bloc after the German central bank warned that economic growth will remain weak in the coming months.

Gold in EUR terms or XAU/EUR traded 0.13% higher at EUR 950.38/Oz levels at the time of writing. The yellow metal had recovered on Friday in EUR terms, tracking gains in the EUR/USD pair and the losses in the US treasury yields. The prices remain well supported today since the Germany’s Bundesbank warned in its monthly report today that the outlook for growth in the region’s largest economy was likely to remain weak in the next few months.

However, broader gains in Gold were capped since the report also argues that the European Central Bank should not embark on a larger stimulus program.

Gold (EUR) Technical Levels

Gold has an immediate resistance located at 953.91, above which the prices may rise to 961.34 levels. Meanwhile, a break below 946.17, may push down the prices to 930.00 levels.

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