FX.co ★ XAU/USD, GOLD

Hello traders. XAUUSD GOLD. Gold made a decent move to the south yesterday, and today the bearish sentiment is still strong. So, there is a possibility of further downside movement intraday, but at the moment I am observing a retracement after the initial sell signal. On the hourly chart, indicators support further downside movement, with the pair testing and bouncing off the middle Bollinger Band from below today, triggering a sell signal that has already played out. Currently, the pair is at the activation point of the next signal, indicating a potential move towards the south with an approximate target of 5060. The Bollinger Band channel has turned downwards, suggesting a continuation of the downtrend. On the 4-hour chart, indicators are still pointing north, although one of the lagging indicators has shifted to the lower zone, while the pair is testing the upper Bollinger Band. Depending on a breakout or bounce, the medium-term sentiment will be revealed. Personally, I lean towards a breakout and decline in line with my preferences, but it's still too early to confirm this.