Gold quotes are traded at the level of 1263.23. Gold moves below the level of the moving average with a period of 55, indicating a bearish trend for gold. At the moment, Gold quotes are testing the average border of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 1267.70, from which one should expect an attempt to continue the fall and further development of the downward trend in gold with a target near the level of 1232.50.
GOLD forecast and XAU/USD analysis on August 9, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at the level of 1271.30. Canceling the option of continuing the fall of Gold will be a breakdown of the upper border of the Bollinger Bands indicator strips, as well as a moving average with a period of 55 and the closing of quotations of the pair above the area of 1282.50, indicating a change in the trend in favor of the bull on Gold. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.