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15 Jan 2015
Gold resilient in EUR terms despite upbeat German GDP data
FXStreet (Mumbai) - Gold prices continue to remain strong in EUR terms, despite data in Germany showed the economy expanded 1.5% in 2014.
Gold in EUR terms or XAU/EUR traded 0.21% higher at 1044.45 levels at the time of writing. The metals remained well supported, since the EUR/USD pair failed to strengthen despite the upbeat German GDP data. Moreover, Gold may have found support from the fact that the average German GDP growth over the last ten years is now down to just 1.29%, while annual growth of 1.5%, implies that Q4 growth is likely to be 0.1% quarter-on-quarter.
Gold (EUR) Technical Levels
The immediate support is seen at 1038.43, under which prices may extend fall to 1033.64 levels. Meanwhile, resistance is seen at 1047 and 1054 levels.
Gold in EUR terms or XAU/EUR traded 0.21% higher at 1044.45 levels at the time of writing. The metals remained well supported, since the EUR/USD pair failed to strengthen despite the upbeat German GDP data. Moreover, Gold may have found support from the fact that the average German GDP growth over the last ten years is now down to just 1.29%, while annual growth of 1.5%, implies that Q4 growth is likely to be 0.1% quarter-on-quarter.
Gold (EUR) Technical Levels
The immediate support is seen at 1038.43, under which prices may extend fall to 1033.64 levels. Meanwhile, resistance is seen at 1047 and 1054 levels.