FX.co ★ XAU/USD, GOLD

Hello traders. XAUUSD GOLD. Gold ended the week with a bearish candlestick with a very long upper shadow. This suggests a potential downward movement next week. Additionally, the monthly candlestick hints at a possible reversal, but it is still too early to confirm. I previously mentioned that the exponential moving average on the chart often leads to sharp reversals. However, there is also a possibility that it is just unwinding, and we could potentially see a new high. We need to observe: if the bulls pause the decline and the pair moves sideways, even if slightly downward-sloping, it might turn bullish. On a smaller scale, on the hourly chart, the indicators continue to point south, with the pair triggering another sell signal on Friday evening, indicating no change for now. Therefore, on Monday, the downtrend may continue with the next target at 4680. On the 4-hour chart, the indicators also showed a clear sell signal at the close, but it has not been activated yet. Although the Bollinger Band is starting to widen, indicating the current downward impulse is not over.