Gold quotes are traded at the level of 1480.61. 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 lower border of the Bollinger Bands indicator stripes.
GOLD forecast and XAU/USD analysis on October 17, 2019
As part of the Gold forecast, a test level of 1487.50 is expected. Where should we expect an attempt to continue the fall of Gold and the further development of a downward trend. The purpose of this movement is the area near the level of 1460.20. The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at 1498.60.
Cancellation of the option to continue the fall of Gold will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closure of gold quotes above the area of 1505.20. This will indicate a change in the current trend in favor of the bullish for Gold. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall.
GOLD forecast and XAU/USD analysis on October 17, 2019 implies a test of the level of 1487.50. Further, it is expected to continue falling to the area below the level of 1460.20. The conservative sales area is near the area of 1498.60. Cancellation of the option of falling Gold will break the level of 1505.20. In this case, we can expect continued growth.
