Gold quotes are traded at the level of 1778.78. 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 middle boundary of the Bollinger Bands indicator bands.
GOLD forecast and XAU/USD analysis on October 20, 2021
As part of the gold forecast, a level test of 1770.90 is expected. Where to expect an attempt to continue gold growth and the further development of an upward trend. The purpose of such a movement is the area near the level of 1800.30. The conservative buying area is located near the bottom limit of the Bollinger Bands indicator lanes at 1754.50.
The abolition of the continuation of gold growth will become a breakdown area of the lower boundary of the Bollinger Bands Insertion bands. As well as a moving average with a period of 55 and the closure of gold quotes below region 1748.20. This will indicate a change in the current trend in favor of a bearish for gold. In the event of a breakdown of the top border, the Bollinger Bands indicator strips should expect growth acceleration.
GOLD forecast and XAU/USD analysis on October 20, 2021 implies a test of the level of 1771.20. Further, it is expected to continue the growth in the region above level 1800.30. The conservative area for buying is located area of 1754.50. Cancellation of gold growth option will perform a test rate of 1748.20. In this case, you should expect to continue the fall.