Gold quotes are traded at the level of 1406.53. Gold is moving above the level of the moving average with a period of 55. This indicates the presence of a bullish trend for Gold. At the moment, the quotes of Gold are moving near the upper border of the Bollinger Bands indicator bars.
XAU/USD weekly forecast on July 15 — 19, 2019
As part of the gold forecast is expected to test the level of 1386.70. Where should 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 1501.20. The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 1350.60.
Cancellation of the option of continuing the growth of Gold will be the breakdown of the region of the lower boundary of the Bollinger Bands indicator. As well as the moving average with a period of 55 and the closing of the gold quotes below the area of 1340.50. 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, one should expect an acceleration of growth.
XAU/USD weekly forecast on July 15 — 19, 2019 suggests a test level of 1386.70. Further, growth is expected to continue to the area above the level of 1501.20. The conservative buying area is located is near the area of 1350.60. Cancellation of the growth of gold will make the breakdown level of 1340.50. In this case, we should expect the continuation of the fall.