Like position of moderate, as shown in recent rally (7)
I believe the answer is:
central
'like position of moderate' is the definition.
'shown in recent rally' is the wordplay.
'shown in' says the answer is hidden in the clue.
'CENTRAL' can be found hidden inside 'recent rally'.
'as' is the link.
(Other definitions for central that I've seen before include "Near the middle" , "like this answer" , "Focal" , "Extremely important" , "Key" .)