Gold quotes are traded at the level of 1314.71. 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 upper border of the Bollinger Bands indicator bars. A test of the level of 1319.60 is expected, from which one should expect an attempt to continue the fall and further development of the downward trend for gold with a target near the level of 1290.20.
GOLD forecast and XAU/USD analysis on May 4, 2018
The conservative sales area is located near the middle border of the Bollinger Bands indicator bars at 1319.80. The abolition of the continuation of the fall of Gold will be a breakdown of the upper boundary of the Bollinger Bands indicator strip, as well as a moving average with a period of 55 and the closing of the pair quotes above the area of 1335.20, 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.
