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Gold/EUR recovers losses as EUR/USD drops

FXStreet (Mumbai) - Gold prices in the EUR terms recovered losses as the EUR/USD pair erased gains to trade below its weekly 50-MA.

Bounced off from 5-DMA

Prices bounced-off earlier today from its 5-DMA located at EUR 1032.16/Oz, which is also the inverted head and shoulder neckline level seen on the Gold/EUR daily chart. Metal prices got a boost in the EUR terms as the EUR/USD pair continued its downward journey to trade below the 50-WMA at 1.1353.

Heading into the weekend, profit taking on the USD shorts could keep the EUR/USD pair and support metal prices in the EUR terms.

Gold/EUR Technical Levels

As of writing, the metal is trading around EUR 1038.60/Oz. The immediate resistance is seen at 1042.60 (daily high), above which prices could target 1050.00. On the other side, a failure to sustain above hourly 50-MA at 1033.91 could push the prices lower to 1028.31 (hourly 100-MA).

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