Gold quotes are traded at the level of at 1308.59. 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. An insignificant correction is expected near the level of 1316.30, 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 1291.80.
GOLD forecast and XAU/USD analysis on September 20, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1335.50. 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 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.