FX.co ★ XAU/USD, GOLD

XAUUSD GOLD. Good afternoon. Yesterday gold closed the day with a bullish candle, and for the moment the bulls are keeping the initiative in their hands, although it cannot be said that they are making much use of it. On the hourly chart, the indicators still support further movement to the north, but at the same time the basement indicators have drawn large bearish divergences with a hint of a reversal. So in the local perspective there is a chance to take a walk to the south, but for now I am only looking at a small decline to about 4460-65. At the same time, the chart shows the possibility of forming a double top, and this target is the activation point of this pattern. If this zone is broken, we can walk down to about 4360-70. On the four-hour chart, the indicators also still support further movement to the north, but here too one of the basement indicators no longer supports the development of the northern sentiment, although it does not cancel it. However, the Bollinger channel is still expanding, which indicates the likelihood of the current upward impulse continuing. Therefore, I am only looking at a local decline.