Gold Price Prediction for April 26, 2017

Gold prices edged lower as riskier assets gained traction, forcing investors out of safe haven assets which paved the way for lower gold prices.  The BOJ’s comments on CPI failed to buoy the yellow metal.  Prices are poised to test target support near the 200-day moving average at 1,252.  Additional support is seen near an upward sloping trend line that connects the low in December to the lows in March and comes in near 1,233.  Resistance is seen near the 10-day moving average at 1,281.  Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.  The index moved from positive to negative territory confirming the sell signal.

Kurada Sees CPI Near 2%

The BoJ’s Kuroda said he expects CPI to near 2% during parliamentary testimony, which has been his long standing view, repeated as he defended the central bank’s ultra-loose monetary policy strategy. He declined to comment when asked about Trump’s accusations of currency manipulation, and said that the BoJ was understood by the G20 and IMF to be pursuing its target to generate 2% inflation.