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Gold declines in EUR terms

FXStreet (Mumbai) - Gold prices for the 17-nation currency bloc retreated today as the single currency gained strength against the US Dollar.

Gold in EUR terms or XAU/EUR traded 0.30% lower at EUR 959.97 levels at the time of writing. The yellow metal trades lackluster against the greenback, while the EUR/USD pair rose from a low of 1.2444 to 1.25 levels post the release of US weekly jobless claims and Durable goods orders data. This resulted in the yellow metal declining in terms of the EUR.

The metal prices may fall further in EUR terms, if the US housing data, Chicago PMI index and the Univ. of Michigan Consumer Sentiment index fail to meet the market expectations.

Gold (EUR) Technical Levels

Gold has an immediate resistance on the hourly chart located at 963.64, above which prices may rise to 968.03 levels. On the flip side, a break below 955.00 shall open doors for 946.17 levels on the downside.

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