Gold quotes are traded at the level of at 1328.00. 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 moving near the lower border of the Bollinger Bands indicator bars. A test of level 1336.20 is expected, from which one should expect an attempt to continue the fall and further development of a downward trend for gold with a target near level of 1308.20.
GOLD forecast and XAU/USD analysis on February 8, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1345.50. The abolition of the continuation of the fall of Gold will be a breakdown of the upper boundary of the Bollinger Bands indicator strips, as well as a moving average with a period of 55 and the closing of quotes of the pair above the area of 1350.40, indicating a change in the trend in favor of the bullish for 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.
