FX.co ★ king.zelda | XAU/USD, GOLD

Hello traders. XAUUSD GOLD. Gold made an attempt to develop a bearish sentiment yesterday, but it was not very successful. However, today the bears have become more active, resulting in the beginning of a new downward movement. On the hourly chart, indicators continue to point towards further decline. The pair tested the middle Bollinger Band from below at the opening and bounced back, thus activating a intraday sell signal, which has already been executed at the moment. Next, a small local correction is expected, and the pair is now approaching the point of activating the next sell signal. In case of a favorable outcome for the bears, there is a possibility of a downward movement with an approximate target of 4900 in the short term. Moreover, the Bollinger Band confirms this scenario. On the 4-hour chart, indicators still suggest further decline, but the sell signal has not been activated yet. However, if everything goes well for the bears, we will see a downward movement in the medium term as well. I consider this scenario as more priority for myself.