Gold quotes are traded at the level of 1400.73. Gold moves above the level of moving media with a period of 55. This indicates the presence of bearish for Gold. At the moment, the quotes of Gold are moving near the lower border of the Bollinger Bands indicator bars.
GOLD forecast and XAU/USD analysis on July 8, 2019
As part of the gold forecast is expected to test the level of 1413.40. Where should 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 1355.80. The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at 1433.40.
Cancellation of the option to continue the fall of Gold will be the breakdown of the area of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and the closing of the gold quotes above the 1444.50 area. This will indicate a change in the current trend in favor of bullish for Gold. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.
GOLD forecast and XAU/USD analysis on July 8, 2019 implies a test of the level of 1413.40. Further, it is expected to continue falling to the area below the level of 1355.80. The conservative sales area is near the area of 1433.40. Cancellation of the option of falling Gold will break the level of 1444.50. In this case, we can expect continued growth.