The bullish sentiment for gold has eased, and the gold price has fallen further, currently reported at 3,310 USD.

On April 28, according to the Golden Ten data, gold prices fell further from last week's record high, as there were signs that the explosive rally in gold prices may be too strong and too fast, and traders closed their positions. Gold fell 0.4% to around $3,305 in early Asian trading, down more than 5% from its peak of more than $3,500 last Wednesday. Barclays said the change in options positioning — the SPDR Gold Shares ETF traded more than a record 1.3 million contracts last week — could indicate that the market is overheating in the short term, as prices outrun fundamental factors such as the dollar and real interest rates. "We think gold prices are going to fall," said Stefano Pascale, an analyst at Barclays, "and the technicals are starting to overstretch a little bit." Meanwhile, the latest data from the U.S. Commodity Futures Trading Commission (CFTC) showed that hedge fund managers trimmed their net long positions in gold futures and options to their lowest level in 14 months.