Gold quotes are traded at the level of 1353.04. Gold moves above the level of the moving average with a period of 55, which indicates the existence of a bullish trend for gold. At the moment, Gold quotes test the upper boundary of the bands of the Bollinger Bands indicator. A test of the level of 1348.30 is expected, from which one should expect an attempt to continue growth and further development of the upcoming trend for gold with a target near the level of 1364.50.
GOLD forecast and XAU/USD analysis on April 12, 2018
The conservative buying area is located near the middle border of the Bollinger Bands indicator bars at 1337.10. The abolition of the continuation of Gold growth will be the breakdown of the middle range of the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of 1320.50, indicating a change in the bearish trend for Gold. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.
