Good day. Gold moved quite nicely to the downside yesterday, as expected. However, at the moment, there is a possibility of seeing a continuation of the larger move to the upside. In any case, it is worth waiting to see which direction the technical analysis will choose. On the hourly chart, indicators are currently still pointing south, although one of the lagging indicators has stopped supporting the bearish sentiment, and the Bollinger Bands are actively suggesting a local correction. However, the decline is sharp, and such movements are always unpredictable in terms of their completion. (attachment:36018253) On the four-hour chart, indicators also favor further decline, with the Bollinger Bands still expanding, indicating the incompleteness of the current downward impulse, hence selling remains a higher priority, but in the short-term perspective. (attachment:36018252) Looking globally at the daily chart, a very interesting picture has emerged: here, the indicators continue to point north, but today the pair tested the middle Bollinger Band from above. Depending on a breakout or a bounce, it will show the further global sentiment. Judging by the significant debts to the south, it would be nice to take a walk down, but it is still clearly too early to open short positions for a long distance. (attachment:36018251)
