Gold quotes are traded at the level of at 1333.82. 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 boundary of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 1314.50, from which one should expect an attempt to continue growth and further development of the upward trend in gold with a target near the level of 1353.30.
GOLD forecast and XAU/USD analysis on September 5, 2017
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at the level of 1298.70. The abolition of the option of continuing Gold growth will be the breakdown of the lower 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 below the area of 1286.50, indicating a change in the bearish trend for Gold. In the event of a breakdown of the upper boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate growth.