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    Gold undecided near technical cluster at 1,227/33

    © Dukascopy Bank SA
    "It is difficult to get bearish on gold at this stage given that the Fed has made it quite clear that it is reluctant to raise rates, this despite signs that the U.S. economy is doing fairly well."
    - INTL FCStone (based on CNBC)

    Pair's Outlook
    Prices of the yellow metal are increasingly turbulent this week, as the volume of daily trading has not rebounded to pre-Easter levels yet. Gold failed at the two-month uptrend (1,242.50) yesterday and slid back below the cluster of important levels located between 1,233 and 1,227. Ability to hover below the lower bound of this technical bunch will fuel a new round of bearish concerns. The bears keep focused on the 1,200 area (weekly S1/Bollinger band/55-day SMA), and this downward idea is backed by aggregate technical indicators today.  

    Traders' Sentiment
    Only one percent of all positions in the SWFX market have been recovered by the bulls, as they pushed their portion to 40% by Thursday morning. This is up from only 39% yesterday, the lowest mark in several working days.  

    © Dukascopy Bank SA

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