FX.co ★ XAU/USD, GOLD

Hello traders. XAUUSD GOLD. Gold has continued its upward movement, but today bears have become more active. However, it cannot be said that they have taken the initiative into their own hands. Currently, on the hourly chart, indicators still favor further movement to the north, but the pair has approached a test of the upper Bollinger Band and is even trying to enter the bearish channel zone. It is too early to talk about a solid confirmation here, but a scenario of a move to the south within the day is quite probable. Bearish divergences on the lower indicators also confirm this scenario, but for opening short positions, it is advisable to wait for more complete confirmation from the technical analysis. On the 4-hour chart, indicators still fully support the continuation of the upward movement, but one of the lower indicators has stopped supporting the bullish sentiment, and the Bollinger Band channel, with its restructuring, hints at a local correction aiming to test its upper band, around 5050 at the moment. This does not indicate a reversal, but an intraday decline is quite likely.