Gold quotes are traded at the level of at 1320.04. 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 border of the Bollinger Bands indicator bars. A test of the level of 1313.10 is expected, 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 1340.10.
GOLD forecast and XAU/USD analysis on January 8, 2018
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1307.60. The abolition of the option to continue Gold growth will be the breakdown of the lower border of the Bollinger Bands indicator strip, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of 1293.40, indicating a change in the trend in favor of the bearish 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.
