Gold quotes are traded at the level of 1294.87. 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 upper border of the Bollinger Bands indicator bars. A test of the level of 1298.50 is expected, from which one should expect an attempt to continue the fall and further development of a downward trend in gold with a target near the level of 1277.50.
GOLD forecast and XAU/USD analysis on May 23, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1298.60. Canceling the option of continuing the fall of 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 quotes above the area of 1305.80, 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.
