Gold quotes are traded at the level of 1210.07. Gold is moving below the moving average with a period of 55, which indicates the presence of a bearish trend for gold. At the moment, the quotes of Gold are moving near the upper border of the Bollinger Bands indicator bars. A test of the level of 1215.20 is expected, from which one can expect an attempt to continue to fall and further develop the downward trend in Gold with a target near the level of 1190.80.
GOLD forecast and XAU/USD analysis on November 16, 2018
The conservative sales area is located near the upper border of the Bollinger Bands indicator bars at 1216.00. Cancellation of the option to continue the fall of Gold will be the breakdown of the upper border of the Bollinger Bands indicator, as well as the moving average with a period of 55 and the closing of quotations of the pair above 1220.50, which will indicate a change in trend in favor of bullish for Gold. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.
