Gold/EUR ticks higher for fifth straight day

By FXStreet FXStreet (Mumbai) – Gold prices in the EUR terms advanced for the fifth consecutive sessions after the ECB’s Nowotny called for more instruments (easing) in order to attain the inflation target.

EUR under pressure

The single currency is being sold across the board on the back of a rally in the European stock markets. Meanwhile, gold prices in the USD terms strengthened on falling Fed rate hike bets. Consequently, Gold/EUR pair advanced to EUR 1035.80/Oz levels.

Moreover, the upward pressure also came from ECB Nowotny, who said, “in my view it’s quite obvious that additional sets of instruments are necessary”.

Gold/EUR Technical Levels

The immediate resistance is located at 1036.84 (previous day’s high), above which gains could be extended to 1053.73 (July 16 high). On the other side, a break below 1032 (inverted head and shoulder neckline) would expose 1018 (Sep 1 low).
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Source:: FX Street