Gold Price Prediction for April 28, 2017

Gold prices continued to ease following the easing bias kept by the ECB.  The yellow metal is poised to test support near an upward sloping trend line that comes in near 1,235.  Resistance is seen near the 10-day moving average at 1,277.  Momentum is negative as the MACD (moving average convergence divergence) index recently generated a crossover sell signal.

The ECB Left Rates Unchanged

ECB left their benchmark interest rates unchanged along with their QE unchanged, and maintained its easing bias which was widely expected. The central bank confirmed the QE schedule, to run at EUR 60 billion per month for the rest of the year. The central bank confirmed that QE can be extended in size and duration if necessary and left the forward guidance that rates are expected to remain at present or lower levels for an extended period time and well past the horizon of asset purchases, untouched.