Gold quotes are traded at the level of 1508.79. 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, Gold quotes are moving near the middle border of the Bollinger Bands indicator stripes.
XAU/USD weekly forecast on October 7 — 11, 2019
As part of the Gold forecast, a test of the level of 1480.50 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 1596.50. The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 1475.20.
Cancellation of the option to continue the growth of Gold will be a breakdown of the lower boundary 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 1450.20. 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 bands, growth should be expected.
XAU/USD weekly forecast on October 7 — 11, 2019 suggests a test level of 1480.50. Further, growth is expected to continue to the area above the level of 1596.50. The conservative buying area is located is near the area of 1475.20. Cancellation of the growth of gold will make the breakdown level of 1410.20. In this case, we should expect the continuation of the fall.
