Gold quotes are traded at the level of 1748.94. 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 bars.
GOLD forecast and XAU/USD analysis on October 7, 2021
As part of the gold forecast, a test of the level of 1756.20 is expected. Where can we expect an attempt to continue the fall in Gold and the further development of the downward trend. The purpose of this movement is the area near the level of 1726.10. The conservative sales area is located near the upper border of the Bollinger Bands indicator bars at 1768.40.
Cancellation of the option to continue the fall in Gold will be a breakdown 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 gold quotes above the 1720.50 area. This will indicate a change in the current trend in favor of the bullish for Gold. In the event of a 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 7, 2021 implies a test of the level of 1756.20. Further, it is expected to continue falling to the area below the level of 1726.10. The conservative selling area is located area of 1768.40. The cancellation of the Gold fall option will be the breakdown of the level of 1720.50. In this case, we should expect continued growth.