Gold/EUR continues to recover losses

Frankfurt (Sept 29)  Gold prices in the EUR terms or Gold/EUR continues to recover losses at a slow and steady rate after having printed an intraday low of EUR 998.75/Oz levels.

Trades above 50-DMA

The metal currently trades above its 50-DMA located at EUR 1001.80/Oz levels. The uptick in the prices ran into offers around EUR 1004.50/Oz after the stock markets in Europe recovered losses to trade moderately positive.

Ahead in the day, the focus is likely to be on the German preliminary CPI report and the sentiment on the Wall Street.

Gold/EUR Technical Levels

The immediate resistance is located at 1008.55 (daily high), followed by a major resistance at 1030 (50-DMA). On the other side, support is seen at 1001.70 (100-DMA) and 991.13 (Aug 27 low).

Source: FXstreet