Gold keeps moving away from the 2015 high, being unable to surpass this resistance neither in May nor this month. Nevertheless, we may expect more attempts of the bulls to push the price over the 1,307 dollar barrier, as indicators are pointing north in all three relevant time frames. The immediate resistance is at 1,280 dollar, and if it is broken, the rate will be in a good position to re-visit last year's maximum. Meanwhile, the extension of the decline is to meet a combination of the 55-day SMA and weekly S2 at 1,257/53.
The sentiment in the SWFX market remains bearish, although not as strong as five days ago, when the difference amounted to 33 percentage points. At the moment, 42% of open positions are long and 58% are short.