Gold price continues its downward slide, diminishing the chances of the bullish scenario of an impulsive wave up. So this upward bounce is most probably complete with an A-B-C correction and an important high at $1,111.
Gold price is testing the wave 1 or A high support at $1,080. An overlap of this high will imply two things. The rise from $1,058 is either wave C or wave (1) of 3. Price has also reached Ichimoku cloud support so there are still some chances of an upward move.
On a weekly basis gold price has reached the kijun-sen resistance (yellow indicator) and got rejected. Now it is pulling back towards the support of the tenkan-sen. I believe support will hold and not break. A weekly break above $1,120 will open the way for a push towards $1,150. If, however we close below $1,079 then we could see a new downward move towards $1,000 and lower.
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