Gold quotes are traded at the level of 1285.96. 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 middle border of the Bollinger Bands indicator bars. A slight correction is expected near the level of 1281.10, where we can expect an attempt to continue growth and further development of the upward trend in gold with a target near the level of 1320.50.
GOLD forecast and XAU/USD analysis on August 23, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1281.10. Canceling the option of continuing the growth of the Gold 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 quotes below the 1272.50 area, 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.
