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Gold/EUR snaps 5-day losing streak

FXStreet (Mumbai) - Gold prices in the EUR terms fell in early Europe, ending the five day winning streak as investors took profits on long positions ahead of the weekend.

Supported by hourly 50-MA

The drop in the metal appears to have come to halt around its hourly 50-MA located at EUR 1033.91/Oz levels. The drop in the fed rate hike bets not only pushed up gold prices, but also EUR/USD pair. However, the oversold yellow metal out did EUR, leading to a rise in the Gold/EUR throughout the week.

Heading into the event, profit taking on Gold longs could keep the metal under pressure.

Gold/EUR Technical Levels

The immediate resistance is seen on the hourly chart at 1036.84, above which prices could rise to 1042.60 (daily high). On the other side, a failure to sustain above hourly 50-MA at 1033.91 could push the prices lower to 1028.31 (hourly 100-MA).

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