Gold price continues to trade inside the triangle pattern between $1,100 and $1,080 levels. Soon we will see a break out above or below this trading range that will start a new short-term move towards $1,130 or $1,040 respectively.
Blue line – trend line resistance
Green lines – triangle pattern
Gold price remains below the blue longer-term downward sloping trend line but has moved above the Ichimoku cloud. This is the first bullish signal after a long time for the 4-hour chart. The trend however remains neutral as there is no clear trend while prices remain trapped inside the trading range.
Blue line – long-term resistance
The weekly chart remains bearish for the long-term but there are signs from the last three weekly candles that a bounce should be expected. As long as price is above $1,077 there is a higher chance of an upward bounce towards the previous support or at least the tenkan-sen (red indicator) near $1,140. However, this should be considered only as an upward bounce inside a bearish longer-term trend.
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