Gold price surrenders gains, resilient in EUR terms
London (Nov 25) Gold prices gave up their gains to trade marginally weak, but managed to remain resilient in EUR terms on account of the weakness in the EUR/USD pair.
USD index makes a comeback
Gold prices erased gains as the USD index recovered losses to trade with 0.20% gain. The sharp recovery in the USD index is mainly on account of a drop in the EUR/USD pair. Consequently, Gold in EUR terms has managed to stay relatively resilient.
Gold (USD) now trades around USD 1073.60/Oz; largely unchanged on the day. Meanwhile, Gold/EUR trades at EUR 1012; up marginally on the day.
Gold Technical Levels
The immediate support is located at 1069.12 (Tuesday’s low), under which the losses could be extended to 1063.27 (Nov 18 low). On the higher side, resistance is seen at 1076.13 (hourly 100-MA) and 1077.19 (hourly 200-MA).