Good day. Gold started the current week with a slight downward price gap, reaching the lower boundary of the trend channel where it spent almost the entire previous week. Currently, we are observing a bounce, indicating a potential move towards the upper boundary. On the hourly chart, despite indicators pointing south, the pair is testing the middle Bollinger Band from below. Due to the sideways movement, signals are changing direction and getting invalidated without confirmation. Therefore, it is advisable to focus on trading within the boundaries of the trend channel. On the 4-hour chart, indicators are inconclusive, showing mixed signals, while the pair is testing the upper Bollinger Band. The channel is significantly narrowing, suggesting an imminent breakout. The likelihood of a downside breakout is considered more probable. Following the classic pattern: there was a downward impulse, currently undergoing a local correction within the trend channel - a flag pattern, indicating a potential further downward impulse.
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