FX.co ★ XAU/USD, GOLD

XAUUSD GOLD. Gold finished yesterday with a bullish candle, but it's too early to talk about a new bullish trend development. Overall, the global outlook continues to point north, but in the short term, I expect a downward movement. There are several technical signals indicating this. On the hourly chart, indicators are still pointing north, and the pair has approached a test of the middle Bollinger Band from above. Depending on a breakout or a bounce, it will show the further sentiment for the nearest perspective. For now, within my "wishful thinking," I lean more towards a scenario with a breakout and a decline targeting around 3910 in the short term, but in any case, I will wait for the test result. On the 4-hour chart, indicators currently show nothing specific; the sell signal on the pullback was canceled, and a buy signal has not formed. At the same time, the pair entered the bullish zone of the Bollinger Channel, but the channel itself has started to narrow sharply during this bullish movement, limiting further upward movement. That's why I am considering a potential decline.