Gold slightly up in EUR terms

November 6, 2014

Frankfurt (Nov 6)  Gold is trading marginally positive in Euro terms as markets brace-up for the European Central Bank (ECB) rate decision due at 12:45 GMT.

Gold is up 0.11% at EUR 914.42/Oz levels while the EUR/USD pair has gained 0.26% to trade at 1.2516. The ECB is expected to stay on a wait-and-watch mode today after implementing the TLTROs or the ABS-program. Though the CB is unlikely to take up sovereign QE, the policy tone is likely to remain dovish. There may be a word on the potential corporate bond buying, a rumor that has emerged in last few days.

Gold may extends gains in the Euro terms if the ECB policy leads to a fresh sell-off in the EUR/USD pair.

Gold (EUR) Technical levels

Gold has an immediate support at 910.51, under which the prices can test the support at 900.00 levels. Meanwhile, the immediate resistance is seen at 917 levels, above which the prices can rise to 920.00 levels.

Source: FXstreet

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