Gold quotes are traded at the level of 1229.31. 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 upper border of the Bollinger Bands indicator bars. A test is expected at 1222.90, from which one can expect an attempt to continue the growth and further development of the upward trend in Gold with a target near the level of 1248.50.
GOLD forecast and XAU/USD analysis on October 16, 2018
The conservative buying area is near the middle border of the Bollinger Bands indicator at 1210.60. 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 1198.00, 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.