Gold quotes are traded at the level of 1806.94. 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 lower bands of the Bollinger Bands indicator.
GOLD forecast and XAU/USD analysis on July 16, 2020
As part of the Gold forecast, a test level of 1794.50 is expected. Where should we expect an attempt to continue the growth of Gold and the further development of an upward trend. The purpose of this movement is the area near the level of 1840.50. The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 1793.50.
Cancellation of the option to continue the growth of Gold will be a breakdown of the lower boundary of the bands of the Bollinger Bands indicator. As well as a moving average with a period of 55 and closing of gold quotes below the area of 1772.50. This will indicate a change in the current trend in favor of the bearish for Gold. In case of breakdown of the upper border of the Bollinger Bands indicator bands, growth should be expected.
GOLD forecast and XAU/USD analysis on July 16, 2020 implies a test of the level of 1794.50. Further, growth is expected to continue to the area above the level of 1840.50. The conservative buying area is located is near the area of 1793.50. The cancellation of the Gold growth option will be the breakdown of the level of 1772.50. In this case, we should expect continued fall.