FXStreet (Mumbai) – Gold prices in the EUR terms recovered losses to trade and now eyes its hourly 50-MA at EUR 1036.79/Oz levels.
More easing expected from the ECB
The recovery from the low of EUR 1029.95 was largely due to the rising speculation that the ECB would hint at more QE or rate cuts at Thursday’s meeting. This pushed the EUR/USD lower, leading to a rise in the Gold/EUR pair.
At the moment, the metal is trading around EUR 1034.39/Oz levels. Ahead in the day, the activity in the US-German 10-yr yield spread could continue guide gold prices in the EUR terms.
Gold/EUR Technical Levels
The immediate resistance is located at 1036.74 (hourly 50-MA), followed by a rise to 1042.61 (Oct 15 high). On the other side, support is seen at 1032.67 (hourly 100-MA) and 1025.25 (hourly 200-MA).
(Market News Provided by FXstreet)