Gold quotes are traded at the level of at 1334.13. 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. An insignificant correction is expected near the level of 1325.50, where we can expect an attempt to continue growth and further development of the upward trend in gold with a target near the level of 1375.50.
GOLD forecast and XAU/USD analysis on September 12, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1327.60. Canceling the option of continuing Gold growth will be a breakdown of the lower border area of the Bollinger Bands indicator bars, as well as a moving average with a period of 55 and the closing of the pair quotes below the area of 1315.10, indicating a change in the trend in favor of the bearish 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.