Gold prices declined in the EUR terms after the European Central Bank (ECB) President Mario Draghi’s comments on the ECB’s balance sheet size squashed hopes of an immediate implementation of corporate and/or sovereign bond purchases. Gold in EUR terms or XAU/EUR is now down 0.62% at 976.81/Oz levels. Moreover, Mr. Draghi said the ECB intends to increase the balance sheet size of EUR 1 trillion if required. However, the bank does not specifically target the EUR 1 trillion number. Draghi also stated that the central bank would assess the current stimulus measures in the next quarter. Meanwhile, the fears of deflation may have been erased to some extend since the President cited lower energy prices as a support to disposable incomes in the Eurozone. Overall, the ECB appears to have disappointed markets, which were expecting the ECB to come out increasingly dovish as we move into 2015. Gold has an immediate resistance located at 982.23, above which gains could be extended to 988.64 (Aug 2014 high). Meanwhile, support is seen at 973.62 (Nov 23 high), and 966.66 (Sept 30 high).