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Gold strengthens along with European stocks

FXStreet (Mumbai) - Gold prices strengthened on moderate weakness in the USD, while the European stocks stood tall after erasing early weakness.

Focus on USD index

The USD index fell off its highs around 96.65 to trade with marginal losses at 96.44, thereby helping the metal score 0.3% gains. Moreover, most of the metals including copper strengthened today, despite weakness in the China data. Some amount of safe haven demand also appears to have played a role in pushing the metal higher, especially in early Europe.

Meanwhile, upside in the metal is being capped by the uptick in the European stocks. The gains are surprising since China manufacturing PMI fell to 6-1/2 year lows.

Gold Technical Levels

The immediate resistance is located at 1132.90 (Nov 2014 low), above which prices could rise to 1141.20 (Sep 18 high). The support is located at 1118.40 (Aug 27 low) and 1098.20 (Sep 11 low).

EUR: Draghi in spotlight as EUR recovers despite weak Chinese PMI - MUFG

Derek Halpenny, Research Analyst at MUFG, notes that all Asian equity markets closed lower today with weak data from China and continued investor concern over the potential fallout for the auto sector from the emissions crisis hitting Volkswagon concerning investors. However, Euro is on firm ground and the stability today is more akin to the safe-haven characteristics that the euro has been showing since financial market volatility escalated earlier this year.
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