FX.co ★ XAU/USD, GOLD

XAUUSD GOLD. Gold closed the past week with another bullish candle, almost reaching the resistance zone built based on previous highs. Therefore, the possibilities of a reversal remain highly uncertain for now. Although the daily chart's latest candle suggests a local decline, it is definitely premature to talk about a significant move to the south. On the hourly chart, indicators continue to favor a northward movement, but the pair approached the upper Bollinger Band's average towards the close, so Monday's breakout or rebound will provide a clearer direction. As part of my considerations, I am looking at a scenario with a breakout and a decline, with a rough target of 4245-50 in the short term perspective, but I won't assert this. On the 4-hour chart, indicators also support further upward movement, but the Bollinger Band channel has shifted hinting at the end of the upward impulse and a continuation of the correction towards its mean. However, these are all short-term movements, and it is clearly too early to talk about a significant downward trend.