Gold quotes are traded at the level of at 1293.04. 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 middle border of the Bollinger Bands indicator bars. A test of level 1291.50 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 1301.50.
GOLD forecast and XAU/USD analysis on November 29, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1287.50. The abolition of the option to continue Gold growth 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 quotations below the area of 1285.50, indicating a change in the bearish trend 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.