Gold quotes are traded at the level of 1307.32. 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 lower border of the Bollinger Bands indicator bars. A test of the level of 1312.40 is expected, from which one should expect an attempt to continue falling and further development of the downward trend for gold with a target near the level of 1290.60.
GOLD forecast and XAU/USD analysis on May 9, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1317.70. 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 1325.50, indicating a change in the bullish trend 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.
