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Gold/EUR rises above 100-DMA, will it sustain?

FXStreet (Mumbai) - Gold prices in the EUR terms rose above 100-DMA in the European session, but the gains remain relatively restricted when compared to prices in the USD terms.

Inverted head and shoulder on charts

The metal has formed an inverted head and shoulder on the daily charts with the neckline resistance around EUR 1033/Oz levels. The probability of the metal sustaining above its 100-DMA in EUR terms would be higher in case the prices witness an upside breakout above EUR 1033/Oz levels.

The gains witnessed today have been restricted somewhat due to the rise in the EUR/USD pair. Consequently, the metal underpeformed in the EUR terms.

Gold/EUR Technical Levels

The immediate resistance is located at EUR 1033, above which the prices could spike to 1046.40 (38.2% of Jan 23 high to Sep 11 low). On the other side, a failure to sustain above the 100-DMA at 1023.91 could push the prices lower to 1009.14 levels (Oct 8 low).

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