Gold edged up slightly during the day session and began grinding sideways around 4133. Gold is now entirely at the mercy of U.S. Treasury yields and the dollar’s performance: subdued during the day, with the main event coming during the U.S. session.

The 4-hour Bollinger Bands are contracting, with the trading range narrowing further and further—a calm before the storm, with a direction about to be chosen. The candlesticks are moving sideways between the middle and lower bands, the moving averages are capping prices from above, and MACD is entangled below the zero line. Bulls and bears are pulling against each other without a one-sided trend, so the intraday strategy is mainly to short rebounds, with the target still at 4000.
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