Gold quotes are traded at the level of 1179.60. Gold moves below the level of the moving average with a period of 55, indicating a bearish trend for gold. At the moment, Gold quotes are moving near the lower border of the Bollinger Bands indicator bars. A test of the level of 1188.20 is expected, from which one should expect an attempt to continue the fall and further development of the downward trend in gold with a target near level 1148.20.
GOLD forecast and XAU/USD analysis on August 17, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1205.80. Canceling the option of continuing the fall of Gold will be a breakdown of the upper boundary of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes above the area of 1220.50, indicating a change in the trend in favor of the bullish for Gold. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.
