Gold quotes are traded at the level of 1585.91. Gold moves above the level of moving media with a period of 55. This indicates the presence of bullish for Gold. At this moment, Gold quotes are moving near the middle border of the Bollinger Bands indicator stripes.
XAU/USD weekly forecast on March 2 — 6, 2020
As part of the Gold forecast, a test of the level of 1560.20 is expected. Where should we expect an attempt to continue the growth of Gold and the further development of an upward trend. The purpose of this movement is the area near the level of 1698.60. The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 1530.10.
Cancellation of the option to continue the growth of Gold will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of the gold quotes below the area of 1526.20. This will indicate a change in the current trend in favor of the bearish for Gold. In case of breakdown of the upper border of the Bollinger Bands indicator strip, growth should be expected.
XAU/USD weekly forecast on March 2 — 6, 2020 implies a test of the level of 1560.20. Further, growth is expected to continue to the area above the level of 1698.60. The conservative buying area is located is near the area of 1530.10. The cancellation of the Gold growth option will be the breakdown of the level of 1526.20. In this case, we should expect continued fall.
