Gold price struggles in EUR terms

Frankfurt (Apr 23)  Gold prices failed to sustain modest gain in the EUR terms despite the weakness seen in the preliminary PMI reports.

Rejected at EUR 1120/Oz

Prices struggled to extend gains above EUR 1120/Oz levels for almost a week, although the metal has managed to sustain above EUR 1100 levels. The latest rejection at EUR 1120 was seen in the previous session.

The metal failed to sustain gains at EUR 113.40/Oz levels today, even though the flash PMI reports showed a slowdown in the private sector activity in Germany and across the Eurozone. The Greek deadlock also continues, still the yellow metal failed to strengthen.

Gold (EUR) Technical Levels

The metal currently trades at EUR 1107.65/Oz. The immediate resistance is seen at EUR 1120-1124, above which the metal could test EUR 1136.75. On the flip side, a break below EUR 1100 could drive the metal lower to EUR 1091.55.

Source: FXstreet