Gold quotes are traded at the level of 1257.32. 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 slight correction is expected near the level of 1250.50, 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 1290.20.
GOLD forecast and XAU/USD analysis on August 7, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 1255.50. The abolition of the option to continue Gold’s growth will be the breakdown of the lower border area of the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair’s quotes below the area of 1245.20, 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.