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24 Feb 2015
Gold moderately lower in EUR terms
FXStreet (Mumbai) - Gold prices have weakened in the EUR terms as an upbeat German Q4 GDP data, coupled with the decline in the Eurozone inflation reduced demand for the yellow metal.
Gold: stuck in the range of EUR 1050-EUR 1080
The metal has been stuck in the said range since past few sessions amid Greek debt drama and an upbeat Eurozone data. Similar action is being witnessed today as the yellow metal struggled to extend gains after the data showed the German economy gained momentum in Q4 2014, while other data showed the cost of living in the Eurozone continued to deflate in January. Moreover, the gains have been capped by lack of hedging demand.
Meanwhile, the uncertainty surrounding the Greek debt deal continued to support metal prices to some extent. However, an official confirmation of a four month extension for Greece today could add the bearish pressure on the metal.
Gold Technical Levels
The immediate resistance is seen at 1067.30 and 1075.91 levels. On the flip side, a break below 1050.00, could push the pair down to 1038.43 levels.
Gold: stuck in the range of EUR 1050-EUR 1080
The metal has been stuck in the said range since past few sessions amid Greek debt drama and an upbeat Eurozone data. Similar action is being witnessed today as the yellow metal struggled to extend gains after the data showed the German economy gained momentum in Q4 2014, while other data showed the cost of living in the Eurozone continued to deflate in January. Moreover, the gains have been capped by lack of hedging demand.
Meanwhile, the uncertainty surrounding the Greek debt deal continued to support metal prices to some extent. However, an official confirmation of a four month extension for Greece today could add the bearish pressure on the metal.
Gold Technical Levels
The immediate resistance is seen at 1067.30 and 1075.91 levels. On the flip side, a break below 1050.00, could push the pair down to 1038.43 levels.