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Gold trades flat in EUR terms

FXStreet (Mumbai) - Gold is trading flat in the 17-nation currency block after a strong German Zew Survey released yesterday propped up the single currency, while reducing the safe haven demand for the yellow metal.

Gold or XAU/EUR traded 0.05% higher at EUR 955.36/Oz levels at the time of writing. The prices had rallied yesterday after the European Central Bank chief Mario Draghi said that the yellow metal may be purchased under the ECB’s asset purchase program. However, the gains were erased after the Zew survey data showed German economic sentiment at four-month high in November.

Gold (EUR) Technical Levels

Gold has an immediate resistance at 961.64, above which the prices may rise to 966.39 levels. On the other hand, a break below 950.00 shall open doors for a re-test of 946.17 levels.

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