FX.co ★ king.zelda | XAU/USD, GOLD

Hello traders. XAUUSD GOLD. Gold continued its move to the north yesterday, although I was expecting the bears to show more activity. At the moment, there is a possibility of seeing a decent movement to the south again, although it's probably not worth opening short positions based on this assumption. On the hourly chart, indicators remain bullish for further movement to the north, but the pair is currently approaching a test of the middle Bollinger Band from above. Depending on a breakout or a bounce, it will show the next short-term direction. The previous test didn't end well for the bears, but this is their second attempt. Interestingly, there is a potential double top pattern forming on the chart, hinting at a decline with a target around 4550-60. On the 4-hour chart, indicators also point to the north, but one of the supporting indicators has stopped favoring the bullish sentiment. On the other hand, the Bollinger Band is still expanding, indicating a possibility of the current upward impulse continuing. So, I am currently observing the situation, although I am leaning more towards the southern scenario.