Gold quotes are traded at the level of at 1337.68. 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 middle border of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 1329.50, 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 1362.50.
GOLD forecast and XAU/USD analysis on September 7, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1320.80. The abolition of the option of continuing Gold growth will be a breakdown of the lower border of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes below the area of 1310.80, indicating a change in the trend in favor of the bearish Gold. In the event of a breakdown of the upper boundary of the bands of the Bollinger Bands indicator, one should expect an acceleration of growth.