Gold/EUR back above 200-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - Gold prices in the EUR terms are back above the 200-DMA, but the gains are being capped around EUR 1060/Oz levels.

    Hovers above monthly 10-MA

    The metal found fresh bids at its monthly 10-MA at 1058 earlier today, following which the prices hit a daily high of 1062.31 levels. The common currency remains under pressure ahead of the FOMC rate decision due later today.

    Moreover, the metal has been on a rampage after the ECB’s Draghi signaled more monetary easing in December.

    Gold/EUR Technical Levels

    The immediate resistance is seen at 1062.31 (daily high), followed by a hurdle at 1068.56 (Oct 23 high). On the lower side, a break below 1058 (10-MA on monthly chart) would expose 200-DMA at 1055.53.
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