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4 Dec 2014
Gold recovers in EUR terms ahead of the ECB press conference
FXStreet (Mumbai) - Gold prices in the EUR terms recovered from the day’s low as markets anticipate that the European Central Bank President Mario Draghi would come-out with more aggressive stimulus measures in his press conference today.
Gold in EUR terms has recovered to trade at EUR 979.95/Oz levels from the low of EUR 975.65/Oz levels. Overall the metal trades 0.29% lower for the day. Markets are likely to push-up the gold prices in EUR terms on hints of a possible sovereign bond buying program by Mr. Draghi. The yellow metal is likely to get a boost if the policy makers at the ECB intensify their efforts in order to push the ECB balance sheet size to EUR 1 trillion.
Gold (EUR) Technical Levels
Gold has an immediate resistance located at 982.23, above which gains could be extended to 988.64 (Aug 2014 high). Meanwhile, support is seen at 977.53 and 970.84 levels.
Gold in EUR terms has recovered to trade at EUR 979.95/Oz levels from the low of EUR 975.65/Oz levels. Overall the metal trades 0.29% lower for the day. Markets are likely to push-up the gold prices in EUR terms on hints of a possible sovereign bond buying program by Mr. Draghi. The yellow metal is likely to get a boost if the policy makers at the ECB intensify their efforts in order to push the ECB balance sheet size to EUR 1 trillion.
Gold (EUR) Technical Levels
Gold has an immediate resistance located at 982.23, above which gains could be extended to 988.64 (Aug 2014 high). Meanwhile, support is seen at 977.53 and 970.84 levels.