Gold quotes are traded at the level of at 1281.20. 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 Bollinger Bands indicator bars. A minor correction is expected near the level of 1272.10, 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 1306.60.
GOLD forecast and XAU/USD analysis on August 11, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 1249.50. The abolition of the continuation of Gold’s growth will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair’s quotes below the area of 1240.10, indicating a change in the trend in favor of the bearish 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.