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22 Jan 2015
Gold recovers losses in EUR terms
FXStreet (Mumbai) - Gold prices recovered from the low of EUR 1100.15 levels as investors look towards ECB press conference for details regarding the widely anticipated bond buying program.
Gold in EUR or XAU/EUR pair now trades at USD 1100/Oz levels, still down 0.33% for the day. However, losses have been recovered to some extent as the markets expect the ECB to embark on a balance sheet expansion program via sovereign bond purchases. Reports were leaked yesterday that the ECB is considering a QE program worth EUR 50 billion per month. However, the bank is likely to see begin the program in March. Thus, further moves in Gold depend on the size and timing of bond purchases from the ECB.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1115.62, above which the metal could re-test 1127.05 levels. Meanwhile, support is seen at 1100.00 and 1093.84 levels.
Gold in EUR or XAU/EUR pair now trades at USD 1100/Oz levels, still down 0.33% for the day. However, losses have been recovered to some extent as the markets expect the ECB to embark on a balance sheet expansion program via sovereign bond purchases. Reports were leaked yesterday that the ECB is considering a QE program worth EUR 50 billion per month. However, the bank is likely to see begin the program in March. Thus, further moves in Gold depend on the size and timing of bond purchases from the ECB.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1115.62, above which the metal could re-test 1127.05 levels. Meanwhile, support is seen at 1100.00 and 1093.84 levels.