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      Gold/EUR: gains capped at 50-DMA

      FXStreet (Mumbai) - Gold in EUR terms or XAU/EUR pair spiked on Thursday, but ran into offers at its 50-DMA after Fed’s Yellen said a 2015 rate hike is still on the table.

      Hovers near 50-DMA

      The metal currently trades just below its 50-DMA located at EUR 1031.31/Oz levels. The dropping Fed rate hike bets and the risk aversion in the equity markets helped the safe haven metal on Thursday. However, Fed’s Yellen kept the hopes for a 2015 rate hike alive and that has been well received by the markets so far.

      The pan-European Euro Stoxx 50 futures currently trade 2% higher. Consequently, the safe haven metal in EUR terms is trading in the sideways manner around EUR 1028/Oz levels.

      Gold (EUR) Technical Levels

      The immediate resistance is located at 1031.31 (50-DMA), above which gains could be extended to 1035.05 (Aug 21 high). On the other side, support is located at 1025.82 (daily low) and 1018.62 (Sep 1 high).

      EUR/USD drops to 1.1140 as European stocks rebound sharply

      The shared currency ran through fresh sellers versus the American dollar at the European open, dragging EUR/USD to fresh session lows near 1.1150 levels.
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