Gold quotes are traded at the level of 1277.39. 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.
GOLD forecast and XAU/USD analysis on May 7, 2019
As part of the gold forecast is expected to test the level of 1284.50. 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 1262.50. The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at 1285.60.
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 bars. As well as the moving average with a period of 55 and the closing of the quotations of gold above the 1288.20 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 May 7, 2019 suggests a test of 1284.50. Further, it is expected to continue falling to the area below the level of 1262.50. The conservative sales area is near the area of 1285.60. Cancellation of the option of falling Gold will break the level of 1288.20. In this case, we can expect continued growth.
