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Gold/EUR: Uptick stalls, hovers around 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Gold prices in the EUR terms witnessed moderate strength in Asia, but he momentum appears to have stalled in Europe. The metal now hovers around 100-DMA at EUR 1019.30/Oz.

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    The metal traders and the EUR traders await the US October non-farm payrolls report due later today. Gold (in USD terms) is heading into the release as one of the most vulnerable financial asset, since an upbeat figure could cement December Fed rate hike bets.

    Equally vulnerable is the shared currency, which too appears the weakest among major currencies.
    Consequently, the metal in the EUR terms could stand still if both Gold (USD) and EUR/USD drop or rise sharply as per the NFP figure.

    Gold/EUR Technical Levels

    The immediate resistance is seen at 1021.03 (daily high), above which the metal could rise to 1023.85 (hourly 100-MA). A break above the same would expose 1031.64 (38.2% of Sep low-Oct high). On the other side, support is seen at 1017.15 (50-DMA) and 1013.62 (previous day’s low).
    For more information, read our latest forex news.

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