Gold price is trading sideways with a slight positive slope. Price is inside a short-term bullish channel but the bullish trend is still very fragile as long as the Dollar remains so strong. Gold is in a corrective phase and is expected to make or to already have made a major low between $1,220-$1,170.
Gold price is relieving its oversold conditions but price is not bouncing strong enough. Support is at $1,222 and resistance at $1,232. As long as price is below $1,300 short-term trend remains bearish.
