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11 Mar 2015
Gold gains in EUR terms after Draghi speech
FXStreet (Mumbai) - Gold prices inched higher in EUR terms after the European central Bank president Draghi said the unconventional ECB policy supports growth.
Gold rose to EUR 1091.90/Oz; up 0.56%. Draghi said the central bank can and will achieve the inflation target of 2%, further stating that the market-based expectations of inflation have improved. Draghi’s comments saw Gold recover from the low of EUR 1085.80/Oz to trade at the current level of EUR 1091.90/Oz. However, gains are being capped by a rise in the major European equity markets.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1094.90, above which gains could be extended to 1113.27 levels. On the flip side, a break below the major support at 1068 could drive prices lower to 1050 levels.
Gold rose to EUR 1091.90/Oz; up 0.56%. Draghi said the central bank can and will achieve the inflation target of 2%, further stating that the market-based expectations of inflation have improved. Draghi’s comments saw Gold recover from the low of EUR 1085.80/Oz to trade at the current level of EUR 1091.90/Oz. However, gains are being capped by a rise in the major European equity markets.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1094.90, above which gains could be extended to 1113.27 levels. On the flip side, a break below the major support at 1068 could drive prices lower to 1050 levels.