OctaFX | OctaFX Forex Broker
Open trading account

Gold gains 1% in EUR terms

FXStreet (Mumbai) - Gold prices for the 17-nation currency bloc shot higher today as the single currency tumbled after the survey data from HSBC showed a slowdown in German manufacturing activity in November.

Gold in EUR terms or XAU/EUR traded 1.41% higher at EUR 955.41/Oz levels at the time of writing. The metal is on its way to erase the entire losses witnessed yesterday after the HSBC flash German PMI composite index came-in at 16-month low of 52.1 in November. Moreover, the manufacturing index fell to 50.00, while the service sector activity fell to 52.1.

Moreover, the single currency received a double blow in the form of weak Chinese as well as the German PMI data. Thus, Gold prices strengthened in EUR terms on safe haven appeal.

Gold (EUR) Technical Levels

Gold has an immediate resistance at 961.64, above which the gains could be extended to 966.66 levels. On the flip side, support is seen at 945.57 and 940.81 levels.

Some consolidation likely for EUR/USD – FXStreet

Ani Salama, Analyst at FXStreet, sees a consolidation likely for the EUR/USD pair before any bullish attempt.
Read more Previous

CBI Industrial Trends: UK firms expect weaker growth over the next quarter

The CBI’s Industrial Trends Survey indicated that UK manufacturing growth remains above average and is broad-based, but sluggish export demand means the recovery has slowed compared to earlier in the year.
Read more Next
Start livechat