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    Gold eases for first time in seven days

    © Dukascopy Bank SA
    "The difficulty gold is experiencing in staying above $1,300 does not necessarily mean the bull rally is ending. But the rally may be tired and in need of consolidation. This can trigger profit-taking."
    - HSBC (based on CNBC)
     
    Pair's Outlook
    The bullion failed to set another 15-month record yesterday, after American session was largely marked by the Greenback's rebound. Gold futures closed the trading around 1,286.50, but weakness is at risk of prolonging through the next 24 hours of market activity. The key support is placed at 1,272.92, namely the weekly pivot point, followed by the second demand precisely $20 below it (monthly PP). Dips lower are unlikely, also given that the mentioned monthly pivot is additionally backed by the April 29 low.  
     
    Traders' Sentiment
    After a short-term recovery 24 hours ago, the SWFX market participants decided to reopen some part of new bearish positions. It pushed the short share up to 61% from 57% on a daily basis.
     
    © Dukascopy Bank SA

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