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Gold/EUR hovers around 38.2% fib level

FXStreet (Mumbai) - Gold prices in the EUR terms hover just below EUR 1032/Oz (38.2% of Sep low-Oct high) in Asia as the metal is being offered on Fed rate hike outlook.

Three-day losing streak stalled in Asia

The metal’s three day losing streak came to halt in Asia as prices recovered from the low of EUR 1026.30 to trade around EUR 1032/Oz. However, Gold/EUR is struggling to extend gains as the metal remains near one-month low in USD terms, while the EUR/USD pair is trading slightly higher in early Europe.

With no major data due for release in Europe, the gold prices in the EUR terms are at the mercy of the overall market sentiment.

Gold/EUR Technical Levels

At EUR 1030, the immediate resistance is seen at 1032 (38.2% of Sep low-Oct high), above which the prices could test 1040 (Oct 20 high). On the other side, support is seen at 1028.62 (daily low) and 1026.30 (Nov 2 low).

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