Gold quotes are traded at the level of 1211.93. 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 1231.40 is expected, from which it is expected to attempt to continue the decline and further develop the downward trend in gold with a target near the level of 1150.20.
XAU/USD weekly forecast on August 6 — 10, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1256.96. The abolition of the continuation of the fall of the Gold will be the breakdown of the upper boundary of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotations above the area of 1289.50, indicating a change in the trend in favor of the bullish 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.
