Gold quotes are traded at the level of 1973.68. Gold moves above the level of moving media with a period of 55. This indicates the presence of bullish for Gold. At the moment, gold quotes are moving near the upper border of the Bollinger Bands indicator bars.
XAU/USD weekly forecast on August 3 — 7, 2020
As part of the gold forecast, a test of the level of 1865.60 is expected. Where can we expect an attempt to continue the growth of Gold and the further development of the upward trend. The purpose of this movement is the area near the level of 2115.20. The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 1730.50.
Cancellation of the option to continue the growth of Gold will be a breakdown of the area of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of the gold quotes below the area of 1725.20. This will indicate a change in the current trend in favor of a bearish for Gold. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration of growth.
XAU/USD weekly forecast on August 3 — 7, 2020 implies a test of the level of 1865.60. Further, growth is expected to continue to the area above the level of 2115.20. The conservative area for buying is located area of 1730.50. The cancellation of the GOLD growth option will be the breakdown of the level of 1725.20. In this case, we should expect the fall to continue.