Gold quotes are traded at the level of 1250.62. 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 1243.20, 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 1270.55.
Bollinger Bands forecast XAU USD on July 26, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at the level of 1240.00. The abolition of the continuation of Gold’s 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 area of 1228.10, indicating a change in the trend in favor of the bearish Gold. In the event of a breakdown of the upper boundary of the bands of the Bollinger Bands indicator, one should expect an acceleration of growth.