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Gold price is very weak as bulls are unable to break above short-term resistance. Prices are testing the recent lows and a break below $1,060 could push price to $1,045-50 to complete the downward move. This will be avoided only if bulls manage to push price above $1,090 soon.
Black line - resistance
Green line - support
Gold price is trading below the 4-hour Ichimoku cloud resistance but also above the support at $1,064-66. However, the price pattern increases the chances of a downward breakdown taking into consideration the 3rd rejection at the cloud resistance we saw yesterday. Only a break above $1,083 will change the short-term trend to bullish.
Yellow line - long-term resistance
Red lines - bullish wedge
We should not forget the bigger picture in Gold. Whether the low is in or even if we see a new low towards $1,045, the downside is very limited and a bounce is justified and we should expect one very soon. I expect at least a bounce towards $1,120-30 as the stochastic is oversold and we should not forget how prices reacted every time the stochastic reached these levels.
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