Gold quotes are traded at the level of 1792.64. 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 upper border of the Bollinger Bands indicator bars.
GOLD forecast and XAU/USD analysis on May 7, 2021
As part of the gold forecast, a test of the level of 1784.20 is expected. Where can 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 1812.50. The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 1772.10.
Cancellation of the option to continue the growth of Gold will be a breakdown of the area of the lower border of the Bollinger Bands indicator bands. As well as the moving average with a period of 55 and the closing of the gold quotes below the area of 1765.20. 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, we should expect an acceleration of growth.
GOLD forecast and XAU/USD analysis on May 7, 2021 implies a test of the level of 1784.20. Further, growth is expected to continue to the area above the level of 1812.50. The conservative area for buying is located area of 1772.10. The cancellation of the GOLD growth option will be the breakdown of the level of 1765.20. In this case, we should expect a continuation of the fall.