Gold quotes are traded at the level of 1318.43. 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 boundary of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 1306.50, 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 1355.50.
GOLD forecast and XAU/USD analysis on August 30, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at the level of 1272.10. Canceling the option of continuing Gold growth will be a breakdown of the lower border of the Bollinger Bands indicator strip, as well as a moving average with a period of 55 and the closing of the pair quotes below the area of 1257.50, 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.