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Gold trades steady in EUR terms

FXStreet (Mumbai) - Gold prices remain well supported in the EUR terms as investors are convinced that the European Central Bank (ECB) would expand its monetary stimulus to include sovereign bond purchases.

Gold in EUR terms or XAU/EUR traded largely unchanged at 957.54 levels, after having recovered from the low of 948.16 hit earlier today. Prices recovered after the ECB President Mario Draghi reiterated that the policy makers are ready to do more if the inflation and growth continues to decline in the Eurozone. He also said that he expects the bank’s balance sheet to expand to 2012 levels. Gold, known to have a direct relationship with a balance sheet size of the central bank, erased gains to trade on a flat note.

Meanwhile, the metal shrugged-off the strong German data, which showed the unemployment rate at a record low of 6.6% in November.

Gold (EUR) Technical Levels

The metal has an immediate resistance located at 966.66, above which gains could be extended to 973.62 levels. Meanwhile, support is seen at 952.80 and 948.16 levels.

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