Gold quotes are traded at the level of at 1346.37. 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 testing the upper boundary of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 1335.10, 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 1375.50.
GOLD forecast and XAU/USD analysis on September 8, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1330.40. Canceling the option of continuing the growth of the Gold 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 1315.10, 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, it is expected to accelerate growth.