OctaFX | OctaFX Forex Broker
Open trading account
Back

Gold trades weak in EUR terms

FXStreet (Mumbai) - Gold prices failed to rally in EUR terms despite posting gains against the US dollar, since the single currency strengthened against the greenback tracking a fall in the US Treasury yields post an upbeat US Q3 GDP report.

Gold in EUR terms or XAU/EUR trades 0.06% lower at EUR 961.64, down from the high of EUR 968.03 hit earlier today. The yellow metal failed to gain strength as the fall in the treasury yields pushed the EUR/USD pair higher towards 1.2470 levels. Meanwhile, an uptick in the German third quarter GDP report released earlier today also helped curb the safe haven demand for the metal.

However, Gold prices have strengthened 0.20% against the greenback to trade at USD 1999/Oz levels.

Gold (EUR) Technical Levels

Gold has an immediate resistance located at 964.00, above which gains could be extended to 969.52 levels. On the flip side, a break below 955.00, shall open doors for a re-test of 948.00 levels.

Exit AUD/JPY trade - Westpac

Sean Callow, analyst at Westpac Banking Corporation ABN explained that when the Bank of Japan boosted its QE program on 31 October, we opened a long AUD/JPY position at 98.00.
Read more Previous

EUR/GBP steady above 0.7900

The euro is rising modestly against the pound on Tuesday, posting the second daily gain in a row, but still remains a hundred pips below last week high, when it climbed to 0.8038 (Nov 19 high) before dropping to 0.7902.
Read more Next
Start livechat