Gold quotes are traded at the level of 1294.14. Gold moves above the level of moving media with a period of 55. This indicates the presence of bullish for Gold. At the moment, the quotes of Gold are moving near the upper border of the Bollinger Bands indicator bars.
GOLD forecast and XAU/USD analysis on May 17, 2019
As part of the gold forecast is expected to test the level of 1289.50. 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 1308.50. The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 1288.30.
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 1280.50. 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 May 17, 2019 suggests a test of 1289.50. Further growth is expected to continue to the area above the level of 1308.50. The conservative buying area is located is near the area of 1288.30. Cancellation of the growth of gold will make the breakdown level of 1280.50. In this case, we should expect the continuation of the fall.