Gold XAU/USD completes the trading week at 1267.40. Gold is trading above the moving average with a period of 55, indicating a bullish trend for gold. At the moment, Gold quotes are testing the average border of the Bollinger Bands indicator bars. Gold is expected to decline near the level of 1249.00, where again we should expect an attempt to continue the growth and development of the bull trend on Gold with the first target near the level of 1300.00.
Bollinger Bands Forecast GOLD for May 1 — 5, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at the level of 1240.00. Canceling the option of continuing the growth of Gold will be a breakdown of the moving average with a period of 55, as well as the lower border of the indicator bars and the closing of Gold quotes below the area of 1210.00, indicating a change in the trend in favor of the bearish on XAU/USD. In the case of fixing quotes above the upper border of the indicator strip, we expect to accelerate the growth of gold in the area above the level of 1300.00.