Gold price remains under pressure, and we have not seen yet another breakout or bullish signal. This will happen only if the price breaks above $1,080. Gold price has stopped moving to lower lows and this increases the chances of a weekly bounce towards at least $1,120.
Green line - support
In the 4-hour chart, gold price remains above the Ichimoku cloud support. Important short-term resistance is found at the black downward sloping trend line at $1,080. Support is found at $1,060. Breaking above $1,080 will increase the chances of a move towards $1,100-$1,120. Breaking below $1,060 will open the way to $1,000.
