Gold quotes are traded at the level of at 1277.72. 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 1280.50 is expected, from which one should expect an attempt to continue falling and further development of the downward trend in gold with a target near the level of 1264.50.
GOLD forecast and XAU/USD analysis on October 27, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1282.90. The abolition of the continuation of the fall of the Gold will be the breakdown of the upper border of the Bollinger Bands indicator strips, as well as the moving average with a period of 55, and the closing of the pair quotes above the area of 1285.50, 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.
