Gold quotes are traded at the level of at 1286.07. 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 the level of 1291.50 is expected, from which one should expect an attempt to continue the fall and further development of the downward trend in gold with a target near the level of 1266.50.
GOLD forecast and XAU/USD analysis on October 18, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1308.20. The abolition of the option of continuing the fall of Gold will be a breakdown of the upper border of the Bollinger Bands indicator strip, as well as a moving average with a period of 55, and the closing of the pair quotations above the area of 1314.50, indicating a change in the bullish trend 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.