Gold/EUR rejected at 50% of Jan-Sep fall

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The upward momentum in gold prices in the EUR terms stalled at EUR 1069.69/Oz, which is the 50% fib retracement of the plunge witnessed from Jan to Sep.

    Gold supported by dovish ECB

    The common currency suffered bigger losses against the USD as the possibility of a Fed rate hike in December widened the divergence between ECB and Fed. Consequently, the yellow metal remained resilient in the EUR terms.

    Ahead in the day, the German CPI could influence the gold/EUR pair. At the moment, the prices are hovering around EUR 1060.15/Oz levels.

    Gold/EUR Technical Levels

    A break above the immediate resistance is located at 1069.69 (50% of Jan-Sep plunge) could push the prices higher to 1081.06 (June 29 high). On the other side, a break below 1055.62 (previous day’s low) could push the prices lower to 1046.52 (38.2% of Jan-Sep plunge).
    For more information, read our latest forex news.

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