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Gold/EUR: Slide stalls after 4-day losing streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices in the EUR terms are attempting to regain poise after suffering sharp losses in the last four trading days.

    EUR under pressure

    The common currency came under pressure as the equities across Europe ticked higher. Consequently, gold prices in the EUR terms advanced to a high of EUR 1025.62, before falling back to EUR 1022.80/Oz levels.

    The investors now await the German and the aggregate Eurozone service sector PMI reports. Meanwhile, equities could continue to guide the movement in the EUR and thereby influence gold prices.

    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 next major support is seen directly at 1000. On the other side, resistance is seen at 1028.63 (23.6% of Oct 28 high-No 3 low), above which the prices could test 1031.64 (38.25 of Sep low-Oct high).
    For more information, read our latest forex news.
     

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