Quotes of Gold are traded at the level of 1272.44. 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 moving near the upper border of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 1264.10, 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 1292.20.
GOLD forecast and XAU/USD analysis on August 2, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at the level of 1257.10. Canceling the option of continuing 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 area of 1248.10, 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.