Gold quotes are traded at the level of 1321.66. 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 test the upper boundary of the bands of the Bollinger Bands indicator. A test of level 1317.80 is expected, from which one should expect an attempt to continue growth and further development of the upcoming trend for gold with a target near the level of 1334.50.
GOLD forecast and XAU/USD analysis on May 11, 2018
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1306.60. The abolition of the option of continuing the growth of Gold will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of 1298.50, 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.
