FX.co ★ XAU/USD, GOLD

XAUUSD GOLD. Hello. Gold closed this week with a bearish candle, suggesting a possible continuation of the decline next week. On the weekly timeframe chart, the pair entered the bearish zone of the Bollinger Bands channel. If it consolidates here, we may see a more significant move to the downside. On the hourly chart, indicators are pointing upwards, but the Bollinger Bands suggest a sideways movement within its range, with the pair bouncing off the upper band and heading towards the lower one. Therefore, on Monday, I expect a continuation of the decline to around 4550-60. On the 4-hour chart, indicators are inconclusive, showing mixed signals, while the pair entered the bullish zone of the Bollinger Bands channel. However, the narrowing of the channel limits further upside movement, so I anticipate a continuation of the bearish trend. Overall, the current rise still appears to be a local correction to the previous decline, indicating a bearish bias.