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Gold/EUR rejected at 100-DMA, drops to EUR 1014/Oz

FXStreet (Mumbai) - Gold prices in the EUR terms failed to sustain above its 100-DMA at 1023.11 in Asia and fell to EUR 1014/Oz in Europe.

The common currency advanced on the back of risk aversion in the European stocks. The EUR/USD pair spiked 0.4% to 1.14 levels, while gold prices in the USD terms dropped 0.67% on profit taking.

Consequently, the metal dropped in EUR terms. Ahead in the day, the German Zew survey indices could influence the metal.

Gold/EUR Technical Levels

The immediate support is seen at 1010.37 (Oct 9 low), under which prices could drop to 1000 handle. On the other side, resistance is seen at 1023.11 (50-DMA) and 1027.56 (previous day’s high).

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