FXStreet (Mumbai) – Gold prices advanced in EUR terms on Tuesday as optimism regarding Greek deal faded in the Asian session, thereby pushing the common currency lower across the board.
Trades above 200-DMA
The XAU/EUR or Gold in EUR terms rose to trade above the 200-DMa located at EUR 1049.77/Oz. The safe haven metal rose as markets, suffering from exhaustion due to repeated promises from EU officials, sold the single currency. Consequently, the metal rose in the EUR terms, outperforming the moderate losses suffered by the metal in the USD terms.
Moreover, the upbeat Eurozone private sector PMI report released today also failed to weigh over the yellow metal.
Gold (EUR) Technical Levels
The metal currently trades at EUR 1053.84; up 0.77% for the day. The immediate resistance is located at 1067.32 (50-DMA), above which the metal could target 1083.94 (100-DMA). On the other hand, a break below 1049.77 (200-DMA) could see the metal fall back to 1020.00.
(Market News Provided by FXstreet)