Gold quotes are traded at the level of 1296.70. 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 lower boundary of the bands of the Bollinger Bands indicator. A test of level 1305.10 is expected, from which it is expected to try to continue the fall and further development of the downward trend for Gold with a target near the level of 1275.30.
GOLD forecast and XAU/USD analysis on May 16, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1329.90. The abolition of the option of continuing 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 closing of the pair quotes above the area of 1330.50, 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.
