17 Mar 2015
Gold drops in Euro terms
FXStreet (Mumbai) - Gold prices in the EUR terms are down fro the second consecutive session on Tuesday after the ECB data showed the bank’s QE purchases in the last week were well short of the average required to meet the monthly target of EUR 60 billion.
The ECB data showed the bank purchased bonds worth EUR 9.751 billion, which is considerably lower than the required average of EUR 15 billion per week. Furthermore, upbeat comments from the ECB President Draghi also weighed over the metal.
The metal could extend losses further today, if the German Zew survey data prints higher than the consensus estimate, while the CPI for February prints higher than the expected drop of 0.3% year-on-year.
Gold (EUR) Technical Levels
The metal currently trades at EUR 1089.40/Oz; down 0.32% for the day. The immediate resistance is seen at 1100, above which the prices could rise to 1113.27 (Jan. 16 high). On the other hand, a break below 1083.20 (Mar. 12 low) could send the metal lower to 1050.00 levels.
The ECB data showed the bank purchased bonds worth EUR 9.751 billion, which is considerably lower than the required average of EUR 15 billion per week. Furthermore, upbeat comments from the ECB President Draghi also weighed over the metal.
The metal could extend losses further today, if the German Zew survey data prints higher than the consensus estimate, while the CPI for February prints higher than the expected drop of 0.3% year-on-year.
Gold (EUR) Technical Levels
The metal currently trades at EUR 1089.40/Oz; down 0.32% for the day. The immediate resistance is seen at 1100, above which the prices could rise to 1113.27 (Jan. 16 high). On the other hand, a break below 1083.20 (Mar. 12 low) could send the metal lower to 1050.00 levels.