FXStreet (Mumbai) – Gold prices in EUR terms are trading around the previous session’s low of EUR 1026.13, but stay relatively resilient compared to Gold (USD) on account of a drop in the EUR/USD pair.
Down for fourth consecutive session
Prices have dropped for the fourth consecutive session as the rising prospect of the Fed rate hike in December is weighing heavily on the precious metal. Earlier today, the metal traded on a positive footing, but the attempt to regain poise was thwarted above EUR 1031.64 (38.2% of Sep low-Oct high).
Ahead in the day, Gold/EUR could witness action after Draghi’s speech scheduled at 6 pm London time.
Gold/EUR Technical Levels
The immediate support is seen at 1020.15 (confluence of 100-DMA and 50% of Sep low-Oct high), under which the losses could be extended to 1016 (50-DMA) and 1008.65 (61.8% of Sep low-Oct high). On the other hand, resistance is seen at 1031.64 (38.2% of Sep low-Oct high) and 1042.61 (Oct 15 high).
(Market News Provided by FXstreet)