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Gold/EUR recovers ahead of the ECB

FXStreet (Mumbai) - Gold prices in the EUR terms or Gold/EUR pair recovered Wednesday’s losses to trade around EUR 1030/Oz in anticipation of the dovish ECB.

Focus on the ECB

Almost no one in the market expects the ECB to move rates, however, speculation is on the rise that Drghi may hint at a possible cut in the deposit rate in December and/or extension/expansion of the ongoing QE program.

Hence, the metal took back previous day’s losses in early Europe. As of writing, the metal was trading at 1030.34/Oz levels.

Gold/EUR Technical Levels

The immediate resistance is seen at 1035.05 (Aug 21 high), above which the metal could target 1042.78 (Oct 15 high). On the lower side, support is seen at 1026.03 (Wed’s low) and 1020.26 (100-DMA).

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