Gold quotes are traded at the level of 1221.59. Gold moves below the level of the moving average with a period of 55, indicating a bearish trend for gold. At the moment Gold quotes test the upper boundary of the bands of the Bollinger Bands indicator. An insignificant correction is expected near the level of 1225.10, where one should expect an attempt to continue the fall and further development of the downward trend in gold with a target near the level of 1195.50.
Bollinger Bands forecast XAU USD on July 13, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 1223.10. The abolition of the variant of the continuation of the fall of Gold will be a breakdown of the upper boundary of the Bollinger Bands indicator strip, as well as a moving average with a period of 55 and the closing of the pair’s quotes above the area of 1235.40, indicating a change in the trend in favor of the bull on Gold. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.