FXStreet (Mumbai) - Gold prices in the EUR terms recovered losses as the EUR/USD pair erased gains to trade below its weekly 50-MA. Bounced off from 5-DMA Prices bounced-off earlier today from its 5-DMA located at EUR 1032.16/Oz, which is also the inverted head and shoulder neckline level seen on the Gold/EUR daily chart. Metal prices got a boost in the EUR terms as the EUR/USD pair continued its downward journey to trade below the 50-WMA at 1.1353. Heading into the weekend, profit taking on the USD shorts could keep the EUR/USD pair and support metal prices in the EUR terms. Gold/EUR Technical Levels As of writing, the metal is trading around EUR 1038.60/Oz. The immediate resistance is seen at 1042.60 (daily high), above which prices could target 1050.00. On the other side, a failure to sustain above hourly 50-MA at 1033.91 could push the prices lower to 1028.31 (hourly 100-MA). For more information, read our latest forex news.