Gold quotes are traded at the level of 1245.55. 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 test the upper boundary of the Bollinger Bands indicator bars. A minor correction is expected near the level of 1235.50, where we can expect an attempt to continue growth and further development of the upward trend in gold with a target near the level of 1262.50.
Bollinger Bands forecast XAU USD on July 21, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1232.50. The abolition of the option to continue Gold growth will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair’s quotations below the 1222.50 area, indicating a change in the trend in favor of the bearish 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.