Gold quotes are traded at the level of 1201.29. 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 of level 1196.10, 80 is expected, from which one should expect an attempt to continue growth and further development of the upward trend in gold with a target near the level of 1213.50.
GOLD forecast and XAU/USD analysis on October 4, 2018
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1194.10. Cancellation of the option to continue Gold growth will be the breakdown of the middle 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 1185.00, which will indicate a change in trend in favor of a bearish Gold. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.
