Gold quotes are traded at the level of 1884.48. 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 8, 2020
As part of the gold forecast is expected to test the level of 1897.50. Where can 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 1843.20. The conservative sales area is located near the upper border of the Bollinger Bands indicator bars at 1925.80.
Cancellation of the option to continue the fall in Gold will be the 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 gold quotes above the 1930.20 area. This will indicate a change in the current trend in favor of the bullish for Gold. In case 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 8, 2020 implies a test of the level of 1897.50. Further, it is expected to continue falling to the area below the level of 1843.20. The conservative selling area is located area of 1925.80. The cancellation of the Gold fall option will be the breakdown of the level of 1930.20. In this case, we should expect continued growth.