Gold quotes are traded at the level of 1231.65. Gold is moving above the level of the moving average with a period of 55, which indicates the presence of a bullish trend for gold. At the moment, the quotes of Gold are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 1227.00 is expected, from which one can expect an attempt to continue to fall and further develop the downward trend with a target near the level of 1248.70.
GOLD forecast and XAU/USD analysis on November 6, 2018
The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 1209.70. Cancellation of the option to continue Gold growth will be the breakdown of the lower 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 below the area of 1208.00, which will indicate a change in trend in favor of a bearish for Gold. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.