18 Dec 2014
Gold outperforms in Euro terms
FXStreet (Barcelona) - Gold prices in EUR terms outpaced the yellow metal in dollar terms, as increasing monetary policy divergences between the Federal Reserve (Fed) and the European Central Bank (ECB) hurt the single currency.
Gold in EUR terms or XAU/EUR trades 1.76% higher at EUR 980.79/Oz levels compared to the 1.21% rise in the US dollar terms. Moreover, the prices in EUR terms outperformed as the ECB is widely expected to announce a sovereign QE program in early 2015. The ECB’s effort to increase its balance sheet size continues to support Gold prices. Meanwhile, the Fed is moving in the opposite direction; telegraphing its first interest rate hike. Thus, the EUR / USD pair has been pushed lower towards 1.23 levels today.
Gold (EUR) Technical Levels
Gold has an immediate support on the hourly charts located at 980, under which prices may fall to 975 levels. Meanwhile, resistance is seen at 982 and 985 levels.
Gold in EUR terms or XAU/EUR trades 1.76% higher at EUR 980.79/Oz levels compared to the 1.21% rise in the US dollar terms. Moreover, the prices in EUR terms outperformed as the ECB is widely expected to announce a sovereign QE program in early 2015. The ECB’s effort to increase its balance sheet size continues to support Gold prices. Meanwhile, the Fed is moving in the opposite direction; telegraphing its first interest rate hike. Thus, the EUR / USD pair has been pushed lower towards 1.23 levels today.
Gold (EUR) Technical Levels
Gold has an immediate support on the hourly charts located at 980, under which prices may fall to 975 levels. Meanwhile, resistance is seen at 982 and 985 levels.