Gold/EUR flirts with hourly 200-MA ahead of Draghi presser

By FXStreet FXStreet (Mumbai) – Gold prices in the EUR terms are trading around hourly 200-MA located at EUR 1031.27/Oz levels after the ECB left interest rates unchanged.

Focus on Draghi

The investors now await ECB president Draghi’s comments on the monetary policy decision and on whether there is an immediate need to extend/expand the QE program or cut rates. Speculation are doing the rounds that Draghi may hint at more easing in December.

In case, Draghi drops a bomb, the Gold/EUR pair could spike, while a no show could lead to rally in the EUR.

Gold/EUR Technical Levels

The immediate resistance is located at 1033.81 (hourly 100-MA), above which gains could be extended to 1042.78 (Oct 15 high). On the other side, support is seen at 1026.03 (previous day’s low) and 1020.28 (100-DMA).
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Source:: FX Street