It's been a back and forth kind of week for gold so far, with there being plenty of pushing and pulling in general. And we also got a little drama courtesy of the US CPI report yesterday, yet somehow we're still going around in circles - more or less. For all the excitement, we're just seemingly going back to where we started the week. Oh, what fun. Pfft.Anyway, the hotter-than-expected inflation numbers yesterday gave sellers a reason to pounce as both the monthly headline and core inflation readings came in above estimates. That saw Treasury yields surge higher alongside the dollar, putting gold under heavy pressure as markets ramped up bets on further Fed tightening.But despite the heavy selloff, gold managed to find support near $4,020 before bouncing back towards $4,060 today. And despite the recovery since last week, gold buyers still haven't exactly made much meaningful progress in establishing a firmer bullish footing.Looking at the hourly chart, buyers managed to somewhat defend the 200-hour moving average (blue line) in overnight trading but are now facing a familiar resistance hurdle in the form of the 100-hour moving average (red line) next. The latter sits around $4,088 currently and offers the first key near-term test for buyers in the latest bounce today. Beyond that, the $4,140-46 region has repeatedly capped upside attempts so far this month, making it the more important near-term resistance to break.But even then, I wouldn't be too quick to label a push above that as being a major breakthrough for gold. In the bigger picture, buyers will still have to contend with the $4,200 region, which marks another swing resistance area alongside the 100-day moving average. So until that gives way, there is little reason to suggest that the latest recovery is turning into something more convincing. But baby steps I guess.On the flip side, sellers have a much clearer target in sight.The weekly chart shows why the $4,000 mark remains such an important battleground. Not only is it a major psychological level, but the 100-week moving average (red line) is also sitting just below it at $3,898. That combination helped to arrest decline at the end of last month, reinforcing the area as a crucial technical support zone.It would take a firm break below both to really shift the technical picture more decisively in favour of sellers, potentially exposing the next support around $3,500.For now, I'm still seeing a market caught between buyers who haven't quite done enough and sellers who can't finish the job. The real question is which side can finally deliver that next meaningful technical break. This article was written by Justin Low at investinglive.com.