Gold quotes are traded at the level of at 1280.27. 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 moving near the lower border of the Bollinger Bands indicator bars. A test of the level of 1286.20 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 1265.50.
GOLD forecast and XAU/USD analysis on October 23, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1290.40. The abolition of the option of continuing the fall of Gold will be a breakdown of the upper boundary of the Bollinger Bands indicator strip, as well as a moving average with a period of 55, and the closing of the pair quotes above area 1294.50, 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.