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Gold stays resilient in EUR terms ahead of ECB rate decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Gold in EUR terms or XAU/EUR pair stays resilient as the investors fear the ECB may come out with a massive easing program tomorrow.

    Hovers around hourly 50-MA

    Prices currently trade around hourly 50-MA located at EUR 1142.42 levels. The metal dropped in USD terms on the back of risk-on in the European equity markets. However, EUR is being offered as well as markets speculate the ECB may announce a massive expansion in the QE program or fresh LTRO program tomorrow.

    Markets have only priced-in a 10 basis point rate cut. Consequently, the yellow metal is trading resilient in EUR terms.

    Gold/EUR Technical Levels

    The immediate support is seen at 1123.05 (hourly 100-MA), under which prices could drift lower to 1100 handle. On the other hand, a break above 1151 (rising trend line resistance) would expose 1164.67 (Mar 4 high).
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