Gold quotes are traded at the level of 1701.65. 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 May 11 — 15, 2020
As part of the Gold forecast, a test level of 1677.20 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 1833.50. The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 1676.50.
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 a moving average with a period of 55 and closing of gold quotes below the area of 1620.50. 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 bands, growth should be expected.
XAU/USD weekly forecast on May 11 — 15, 2020 implies a test of the level of 1677.20. Further, growth is expected to continue to the area above the level of 1833.50. The conservative buying area is located is near the area of 1676.50. The cancellation of the Gold growth option will be the breakdown of the level of 1620.50. In this case, we should expect continued fall.
