Gold quotes are traded at the level of at 1291.77. 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 upper border of the Bollinger Bands indicator bars. A 1280.50 level test 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 1310.50.
GOLD forecast and XAU/USD analysis on October 11, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at the level of 1260.90. Canceling the option of continuing Gold growth will be a breakdown of the lower border of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes below the area of 1255.50, 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.