Gold quotes are traded at the level of 1241.41. Gold moves above the level of the moving average with a period of 55, which indicates the existence of a bullish trend for gold. At the moment, Gold quotes are testing the average border of the Bollinger Bands indicator bars. A minor correction is expected near the level of 1232.20, from which one should expect an attempt to continue growth and further development of the upward trend in gold with a target near the level of 1263.50.
Bollinger Bands forecast XAU USD on July 20, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at the level of 1225.50. The abolition of the option of continuing Gold’s growth will be a breakdown of the lower border area 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 below the area of 1215.00, indicating a change in the bearish trend for Gold. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.
