Gold quotes are traded at the level of at 1267.65. 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 1271.90 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 1258.80.
GOLD forecast and XAU/USD analysis on November 6, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1281.50. Canceling the option of continuing the fall of Gold will be a breakdown of the upper range of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes above the area of 1284.50, 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.