Easy central bank policy helped the yellow.....>

GOLD: Easy central bank policy helped the yellow metal continue to move higher

and begin to challenge the 50-dma and at present trades at $1307.65/oz, down

around half a dollar since the close.

- The moves began following a more dovish than expected ECB meeting where the

opening statement included a sentence that said that the ECB are looking into

ways to mitigate the impacts of negative rates on the banking system. This was a

nod towards tiering and its prominence in the press conference was key - most

had expected tiering to be discussed during the Q&A but the mention in the

opening statement was a surprise. Gold moves around $8/oz higher ahead of the

FOMC Minutes which were largely as expected.

- Gold closed on the 50-dma ($1307.47) with the uptrend extending through Asia

to $1309.31. This brings down trendline resistance off the Feb 20 high into view

at $1311.91, ahead of the Mar 28 high at $1312.35.