Gold quotes are traded at the level of 1298.17. 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 upper boundary of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 1290.20, 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 1316.50.
GOLD forecast and XAU/USD analysis on August 29, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1280.20. The abolition of the option to continue 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 quotes below the 1270.80 area, indicating a change in the bearish trend for 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.