Gold quotes are traded at the level of 1209.95. 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 middle border of the Bollinger Bands indicator bars. A test of the level of 1217.30 is expected, from which one should expect an attempt to continue falling and further development of the downward trend in gold with a target near the level of 1190.50.
GOLD forecast and XAU/USD analysis on August 9, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1217.50. The abolition of the option of continuing the fall of the Gold will be a breakdown of the upper range of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotations above the area of 1230.00, indicating a change in the bullish trend 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.