FX.co ★ XAU/USD, GOLD

XAUUSD GOLD. Good afternoon. Gold continues its move to the north today; the bears were not able to seize the initiative. But at the moment the first hints of a possible reversal are already appearing. On the hourly chart, the indicators remain fully in favor of further movement to the north; the pair has already managed to work out the first intraday buy signal today, but at the same time a bearish pin bar has formed on the chart, and the basement indicators have drawn bearish divergences hinting at a reversal. In addition, the Bollinger channel has already rebuilt with a hint of the end of the upward impulse and the start of a local correction. So in the short term there is a chance to walk down to about 4520–25. On the 4-hour chart, the indicators are also fully in favor of further movement to the north, and the Bollinger channel is still expanding, which indicates that the current upward impulse is not yet finished. One of the basement indicators has stopped supporting the development of the northern bias, although it does not cancel it. So at the moment I am only looking at the local move down.