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Gold/EUR back above 200-DMA

FXStreet (Mumbai) - Gold prices in the EUR terms are back above the 200-DMA located at EUR 1056.12/Oza, although gains remain capped due to a moderate uptick in the EUR/USD pair.

Hovers around 10-MA on monthly chart

Prices currently trade around EUR 1057.91/Oz (10-month MA) levels. The metal shot up on Thursday after Draghi hinted at more easing in December. China’s rate cut on Friday added to the upside momentum, taking the metal to a high of EUR 1068.56, before profit taking pushed it back to EUR 1052.26 today.

The German IFO reading released today failed to have a major impact on Gold/EUR. Meanwhile, gold in USD terms advanced by $4.

Gold/EUR Technical Levels

The immediate resistance is seen at 1058.90 (Jul 1 high), above which the prices could rise to 1068.56 (Friday’s high). On the other side, a failure to sustain above 200-DMA at 1057.91 could push the pair back to 1052.26 (daily low).

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