11 Feb 2015
Gold edges higher in EUR terms as investors turn attention to Greece
FXStreet (Mumbai) - Gold prices inched higher in EUR terms as investors turn attention to the Eurozone finance ministers meeting to seek a solution to the debt standoff with Greece's new anti-austerity government.
Greek PM earns approval for the anti-austerity plan
Greece’s parliament approved the ruling government’s economic plan in a vote yesterday that puts the country on a collision course with its international creditors. Prime Minister Alexis Tsipras earned approval for a plan that rolls back many of the austerity measures.
Moreover, the ministers agreed in December to extend Greece's bailout by two months from the end of 2014, pending a final inspection of its reform program in February. Without the final sign-off, Greece would not get the last 1.8 billion euro loan installments, leaving it at risk of a default.
Gold (EUR) Technical Levels
The metal traded 0.34% higher at EUR 1093.51/Oz levels. The immediate resistance is seen at 1100.31, above which gains could be extended to 1113.27 (Jan. 16 high). On the flip side, support is seen at 1088.23 and 1084.20 (Feb. 6 low).
Greek PM earns approval for the anti-austerity plan
Greece’s parliament approved the ruling government’s economic plan in a vote yesterday that puts the country on a collision course with its international creditors. Prime Minister Alexis Tsipras earned approval for a plan that rolls back many of the austerity measures.
Moreover, the ministers agreed in December to extend Greece's bailout by two months from the end of 2014, pending a final inspection of its reform program in February. Without the final sign-off, Greece would not get the last 1.8 billion euro loan installments, leaving it at risk of a default.
Gold (EUR) Technical Levels
The metal traded 0.34% higher at EUR 1093.51/Oz levels. The immediate resistance is seen at 1100.31, above which gains could be extended to 1113.27 (Jan. 16 high). On the flip side, support is seen at 1088.23 and 1084.20 (Feb. 6 low).