Gold consolidates above 200-hour SMA

XAU/USD cross continued hovering slightly above the $1,200 threshold, which is supported by the weekly R1 at $1,192 from the south. At the same time, we predict the bears to succeed in crossing this support level and resume its downward trend towards the 2014 low. However, at first the bearish intentions are likely to be tested by the monthly PP at $1,168. 

At the moment bulls are still remaining in the majority, as they have 59% of all opened positions on the SWFX market (56% yesterday). Therefore, market sentiment returned to the levels seen on Monday.