Gold Price strengthens in EURO terms
Frankfurt (Apr 16) Gold prices in Euro terms advanced on Thursday, tracking the sharp fall in the bond yields across the Eurozone.
Gold gains 0.62%
The metal rose 0.62% to trade at EUR 1132.60/Oz levels, tracking the German 10-year Bond yield, which dipped to a record low of 0.085%. The metal is known to have an inverse relation to the long-term rates. Moreover, falling long-term rates makes it attractive to hold the yellow metal.
Meanwhile, the uncertainty surrounding Greece is also contributing to the yellow metal’s strength. Ahead in the day, the metal could continue tracking the bond yields in the Eurozone, as we do not have major market moving data releases out of the Eurozone.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1143.00 (April. 13 high), above which gains could be extended to 1168.55 (Jan. 25 high). On the flip side, a break below 1116.65 (April. 14 low), under which losses could be extended to 1098.60 (April. 2 low).