Gold: recovery hopes remain in place

Yesterday the yellow metal was growing as high as 1,258 or above the first weekly resistance line. Later, however, the bullish US Dollar sent gold prices below 1,245 where the trading closed. However, our bullish estimates remain intact as the price is provided with support from the monthly and weekly pivot points. Moreover, the 20 and 55-day SMA are safeguarding the area between 1,238.31 and 1,233.11. The current April high of 1,262.72 is maintaining its status of the main short-term bullish goal. Meanwhile, there are no "sell" signals provided by any daily or weekly technical indicators today. 

Market distribution has already been biased in favour of the bears for quite a long period of time, but on Thursday it dropped even more. Now only 32% of all positions are long, down from 40%. This is the worst SWFX sentiment in almost five working weeks.