Gold Price Prediction for June 28, 2017

Gold prices rose and the dollar declined following Draghi’s comments that the ECB may adjust policy. Draghi urged caution about exit steps and stressed that a substantial amount of stimulus remains necessary, but he added that with policy becoming more accommodative as the recovery progresses the ECB may have to adjust policy to maintain its stance, suggesting that this would not amount to tightening. This is the clearest hint of QE tapering yet and together with upbeat comments on the economic outlook.

Prices are Consolidating

The yellow metal consolidated making an inside day which reflects indecision as there is a lower high and a higher low. Support is seen near an upward sloping trend line that comes in near 1,230.  Momentum remains negative but it is decelerating and the MACD histogram prints in the red with a flat trajectory which reflects consolidation.