Gold quotes are traded at the level of 1191.36. 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. A test of the level of 1223.20 is expected, from which one should expect an attempt to continue the fall and further development of the downward trend for gold with a target near the level of 1005.20.
XAU/USD weekly forecast on August 27 — 31, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1230.10. The abolition of the option of continuing the fall of the Gold will be a breakdown of the upper range of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotations above the area of 1260.50, indicating a change in 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.
