FX.co ★ XAU/USD, GOLD

XAUUSD GOLD. Hello. Gold continued to move south yesterday, and bears still hold the initiative today. On the hourly chart, indicators remain fully bearish, with the pair triggering another intraday sell signal that is currently being worked out. The approximate target is 4100-05, with a little left to go. One of the lagging indicators has stopped supporting the bearish sentiment here, but it has not been invalidated yet. Overall, I continue to look south, but we will likely see a correction after the signal is worked out. On the 4-hour chart, indicators also remain fully bearish, with the Bollinger Band channel still expanding, indicating the current downward impulse is not over. However, one of the lagging indicators has also stopped supporting the bearish sentiment here, hinting at a local rise within the correction.