Gold: outlook suggests more horizontal trading

FX:XAUUSD   Золото
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"The gold             rally is being tested as risk appetite recovers, undermining the flight-to-quality demand for gold             . Still the downside may be limited."
- HSBC             (based on CNBC)

Pair's Outlook
As long as yellow metal continues to ignore a very important technical cluster at 1,224/30, we are going to maintain a mostly sideways outlook for prices. We have not seen a two-day consolidation below the weekly pivot point or above the 20-day SMA since March 22. Another mixed picture emerged for technical indicators, as daily ones are bearish and weekly studies are pointing to the North. However, quite soon the bullion is expected to meet the upward-sloping 55-day SMA (1,211), and if this line fails at provoking a rally, then downside risks will inevitably grow.

Traders' Sentiment
During the session on Wednesday about two percent of all bearish positions have been eliminated from the SWFX market. It has sent the total share of short and long traders to 52% and 48%, respectively. This is the tightest distribution of positions in more than five weeks.
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