Gold quotes are traded at the level of at 1344.01. 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 middle border of the Bollinger Bands indicator bars. A test of level 1337.50 is expected, from which one should expect an attempt to continue growth and further development of the upward trend for gold with a target near the level of 1370.50.
GOLD forecast and XAU/USD analysis on January 31, 2018
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1333.50. Canceling the option of continuing Gold growth will be a breakdown of the lower border of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes below the area of 1325.20, indicating a change in the bearish trend for 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.