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Gold drops below EUR 1000/Oz levels

FXStreet (Mumbai) - Gold prices in the EUR terms are down for the fourth consecutive session, trading below the psychological EUR 1000/Oz mark.

Safe haven bids drop amid stock rally

The stock market rally in Europe ahead of the quarterly closing ensured the traditional safe havens like Gold, Treasuries suffered losses. Gold in EUR terms dropped to a session low of EUR 1003.41/Oz levels as the pan-European Euro Stoxx 600 index rallied more than 2%.

Moreover, gold prices in the USD terms weakened more than 1% on account of a strong US ADP report and risk on rally stocks. However, the EUR remained relatively resilient, leading to a drop in Gold/EUR prices. The metal in EUR terms topped out at its 100-DMA last week before falling today below its 50-DMA at 1001.64 levels.

Gold/EUR Technical Levels

The immediate support is located at 987.32 (Sep 18 low), under which the prices could drop to 979.12 (Aug 26 low). On the other side, resistance is seen at 1001.63 (50-DMA) and 1011.72 (hourly 200-MA).

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