Gold quotes are traded at the level of 1562.18. 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 stripes.
GOLD forecast and XAU/USD analysis on February 7, 2020
As part of the Gold forecast, a test level of 1568.50 is expected. Where should we expect an attempt to continue the fall of Gold and the further development of a downward trend. The purpose of this movement is the area near the level of 1535.20. The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at 1585.60.
Cancellation of the option to continue the fall of Gold will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of the gold quotes above the area of 1590.20. This will indicate a change in the current trend in favor of the bullish for Gold. In case of 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 7, 2020 implies a test of the level of 1568.50. Further, it is expected to continue falling to the area below the level of 1535.20. The conservative sales area is located is near the area of 1585.60. The cancellation of the Gold fall option will be the breakdown of the level of 1590.20. In this case, we should expect continued growth.