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Gold/EUR flirts with 1000/Oz handle

FXStreet (Mumbai) - Gold prices in the EUR terms are trading around EUR 1000/Oz handle amid losses in the European stocks and hawkish Fed officials’ comments.

Supported by 100-DMA

The metal is finding support around EUR 1001.70 (100-DMA). Fed officials talked up rate hike bets on Monday after Yellen did the same last Thursday, thereby adding to the bearish pressure on the yellow metal.

Meanwhile, the risk aversion in the financial markets is providing much needed support the metal, which has been on the declining trend for last two trading sessions.

Gold/EUR Technical Levels

The immediate resistance is located at 1008.55 (daily high), followed by a major resistance at 1030 (50-DMA). On the other side, support is seen at 1001.70 (100-DMA) and 991.13 (Aug 27 low).

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