Gold quotes are traded at the level of at 1301.31. 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 test the upper boundary of the bands of the Bollinger Bands indicator. A 1288.0 level test is expected, from which one should expect an attempt to continue growth and further development of the upcoming trend for gold with a target near the level of 1318.50.
GOLD forecast and XAU/USD analysis on October 16, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1285.20. The abolition of the option of continuing 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 1275.50, 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.
