Gold quotes are traded at the level of 1222.91. 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 lower border of the Bollinger Bands indicator bars. A test of the level of 1228.60 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 1210.20.
GOLD forecast and XAU/USD analysis on November 9, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1235.20. 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 the 1240.00 area, 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.