Gold quotes are traded at the level of 1274.24. 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 are testing the lower boundary of the Bollinger Bands indicator bars. A minor correction is expected near the level of 1266.50, 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 1315.50.
GOLD forecast and XAU/USD analysis on August 16, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at the level of 1273.30. The abolition of the continuation of Gold 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 1250.50 area, indicating a change in the trend in favor of the bearish Gold. In the event of a breakdown of the upper boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate growth.