25 Feb 2015
Gold prices moderately up in EUR terms
FXStreet (Mumbai) - Gold inched up moderately in the EUR terms ahead of the European Central Bank (ECB) President Mario Draghi’s testimony to the European parliament. Prices clocked an intraday high of EUR 1067.70/Oz before moving slightly lower to EUR 1062.30/Oz levels.
Focus on Draghi’s Speech
Further gains in the metal depends on Draghi’s outlook on the Eurozone economy. The ECB head could put more emphasis on the recent string of an upbeat economic data across the Eurozone, which could weaken the yellow metal. On the other hand, a gloomy outlook with more emphasis on further monetary accommodation could support the metal prices.
Moreover, the metal has already lost safe haven demand after Greece was granted a 4-month debt extension by the Eurogroup. Thus, focus solely remains on Mario Draghi’s outlook on the Eurozone economy.
Gold (EUR) Technical Levels
The immediate support is seen at 1050, under which prices could drop to 10189.19 levels. On the flip side, a break above the immediate resistance at 1076.20, could see the metal rise to 1089-1100 levels.
Focus on Draghi’s Speech
Further gains in the metal depends on Draghi’s outlook on the Eurozone economy. The ECB head could put more emphasis on the recent string of an upbeat economic data across the Eurozone, which could weaken the yellow metal. On the other hand, a gloomy outlook with more emphasis on further monetary accommodation could support the metal prices.
Moreover, the metal has already lost safe haven demand after Greece was granted a 4-month debt extension by the Eurogroup. Thus, focus solely remains on Mario Draghi’s outlook on the Eurozone economy.
Gold (EUR) Technical Levels
The immediate support is seen at 1050, under which prices could drop to 10189.19 levels. On the flip side, a break above the immediate resistance at 1076.20, could see the metal rise to 1089-1100 levels.