Gold quotes are traded at the level of 1900.47. Gold moves above the level of moving media with a period of 55. This indicates the presence of bearish for Gold. At the moment, Gold quotes are moving near the middle border of the Bollinger Bands indicator bars.
XAU/USD weekly forecast on October 5 — 9, 2020
As part of the gold forecast is expected to test the level of 1923.40. Where can we expect an attempt to continue the fall in Gold and the further development of the downward trend. The purpose of this movement is the area near the level of 1770.80. The conservative sales area is located near the upper border of the Bollinger Bands indicator strip at 1982.10.
Cancellation of the option to continue the fall in Gold will be the breakdown of the upper 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 above the area of 1988.50. This will indicate a change in the current trend in favor of the bearish for Gold. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall.
XAU/USD weekly forecast on October 5 — 9, 2020 implies a test of the level of 1923.40. Further, it is expected to continue falling to the area below the level of 1770.80. The conservative selling area is located area of 1982.10. The cancellation of the Gold fall option will be the breakdown of the level of 1988.50. In this case, we should expect continued growth.