Gold prices are trapped
Gold prices are now trading within the channel of 5X1 Gann angle from the high made in the 1st week of May, 2006 and 5X1 angle of low made in the 3rd week of October, 2008. Interesting the $ 1272 is the 1.618 Feb Retrenchment of the high made in 1st week of September, 2008 and low made in the last week of December, 2011. Gold price can only turn positive after weekly closing above $1272. Till then any bounce is to be considered as bear market rally and its an opportunity to sale from higher levels.