Gold quotes are traded at the level of at 1273.61. 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 test the average border of the Bollinger Bands indicator bars. A test of the level of 1276.30 is expected, from which one should expect an attempt to continue the fall and further development of a downward trend in gold with a target near the level of 1258.80.
GOLD forecast and XAU/USD analysis on November 7, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1280.80. The abolition of the option of continuing the fall of the 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 quotations above the area of 1284.20, which indicates 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.