Gold quotes are traded at the level of 1415.97. Gold moves above the level of moving media with a period of 55. This indicates the presence of bullish for Gold. At the moment, gold quotes are moving near the middle border of the Bollinger Bands indicator.
GOLD forecast and XAU/USD analysis on July 16, 2019
As part of the gold forecast is expected to test the level of 1406.50. Where should we expect an attempt to continue the growth of Gold and the further development of the upward trend. The purpose of this movement is the area near the level of 1451.60. The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 1394.70.
Cancellation of the option of continuing the growth of Gold will be the breakdown of the region of the lower boundary of the Bollinger Bands indicator. As well as the moving average with a period of 55 and the closing of the gold quotes below the area of 1388.70. This will indicate a change in the current trend in favor of a bearish for Gold. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.
GOLD forecast and XAU/USD analysis on July 16, 2019 implies a test of the level of 1406.50. Further growth is expected to continue to the area above the level of 1451.60. The conservative buying area is located is near the area of 1394.70. Cancellation of the growth of gold will make the breakdown level 1388.70. In this case, we should expect the continuation of the fall.