Gold quotes are traded at the level of 1251.36. 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 upper boundary of the Bollinger Bands indicator bars. A minor correction is expected near the level of 1240.50, 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 1268.30.
Bollinger Bands forecast XAU USD on July 24, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 1234.60. The abolition of the option of continuing the fall of Gold 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 quotes below the area of 1225.20, 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.