Gold Price Prediction for April 27, 2017

Gold prices edged lower on Wednesday, as consumer confidence declined, paving the way for lower gold prices.  The yellow metal hit a lower low, in addition to a lower high, which reflects a downtrend.  Resistance is seen near the 10-day moving average at 1,279.  Support is seen near an upward sloping trend line near 1,235.  Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. The MACD line crossed below the MACD signal line as the MACD histogram moved from positive to negative territory.  The index is printing in the red with a downward sloping trajectory which points to lower prices.

Confidence Dropped in the U.S. in April

The Consumer Confidence Index dropped to 120.3 in April, according to the Conference board, softer than expected as analysts were anticipating the index to only fall to 122.9 for the month. The sentiment index last hit 125.6 in March, its highest level since December 2000.