Gold quotes are traded at the level of at 1311.47. 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. An insignificant correction is expected near the level of 1318.50, where we can expect an attempt to continue the fall and further development of the downward trend in gold with a target near the level of 1298.50.
GOLD forecast and XAU/USD analysis on September 19, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1333.20. Canceling the option of continuing the fall of the 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 quotes above the area of 1340.50, indicating a change in the trend in favor of the bullish on 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.