Gold has moved in consolidate mode

The gold has moved downwards in consolidate mode since the tansions eased in Ukraine, and tested the support level of 1284.77.

It has moved slightly downwards after better than expected UK trade balance and manufacturing data.

Also, ECB President Draghi had speech yesterday, and repeated his usual promise of action in near future. This time he has pointed out that “the euro exchange rate is a serious concern”, and “Council is comfortable with acting in June”.

According to most analysts, the inflation will be revised downwards slope, and if ECB doesn’t take any action, then Draghi will loose credibility.