Gold/EUR hovers around 38.2% fib level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    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).
    For more information, read our latest forex news.

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