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Gold outperforms in EUR terms

FXStreet (Mumbai) - Gold prices did dip into the red in USD terms, although the metal has been resilient in the EUR terms owing to a sharp fall in the EUR/USD pair.

Gold in EUR terms or XAU/EUR pair traded 0.26% higher at EUR 954.38 at the time of writing, while the XAU/USD traded 0.08% lower at 1189.90/Oz levels. Moreover, the metal has outperformed in the EUR terms due to a sharp fall in the EUR/USD pair witnessed in the last few minutes. The EUR/USD declined 0.63% to trade at 1.2461 levels.

The yellow metal is likely to be resilient in non-USD terms as the relative dovishness of the European Central Bank (ECB), Bank of Japan (BOJ) shall keep gold prices supported in terms of their respective currencies.

Gold (EUR) Technical Levels

Gold has an immediate resistance at 956.57, above which the gains could be extended to 961.64 levels. Meanwhile, support is seen at 946.17 and 940.00 levels.

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