Gold pushed down by bears at 1,262/70

Yesterday the bullion set a new formal April high above 1,270 that is placed also above the February high of 1,263.43. However, it failed to resist bearish pressure at those uplifted levels and was forced to tumble back, by closing the session at 1,247.66. Nonetheless, bullish plans are clear and they are going to use any possible attempts to achieve their ambitious goals. There is a dense support zone below the spot at 1,241/34 that makes the bearish case quite improbable too. However, it likely means that the metal is on course to trade in a limited range for some period of time, until the next major trigger appears.  

At the moment only 34% of SWFX traders are going long on the precious metal, up from 32% yesterday.