Gold quotes are traded at the level of 1850.61. Gold moves above the level of moving media with a period of 55. This indicates the presence of bearish for Gold. At the moment, Gold quotes are moving near the middle border of the Bollinger Bands indicator bars.
GOLD forecast and XAU/USD analysis on February 3, 2021
As part of the gold forecast, a test of the level of 1871.80 is expected. Where can we expect an attempt to continue the fall of Gold and the further development of the downward trend. The purpose of this movement is the area near the level of 1817.20. The conservative sales area is located near the upper border of the Bollinger Bands indicator bars at 1872.50.
Cancellation of the option to continue the fall in Gold will be the breakdown of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of the gold quotes above the area of 1920.50. This will indicate a change in the current trend in favor of the bullish for Gold. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall.
GOLD forecast and XAU/USD analysis on February 3, 2021 implies a test of the level of 1871.80. Further, it is expected to continue falling to the area below the level of 1817.20. The conservative selling zone is located near the area of 1872.50. The cancellation of the Gold fall option will be the breakdown of the level of 1920.50. In this case, we should expect continued growth.