Gold quotes are traded at the level of 1329.14. Gold moves above the level of the moving average with a period of 55, which indicates the existence of a bullish trend for gold. At the moment, Gold quotes test the average border of the Bollinger Bands indicator bars. A test of the level of 1310.80 is expected, from which one should expect an attempt to continue growth and further development of the upcoming trend for gold with a target near the level of 1385.60.
XAU/USD weekly forecast on February 5 — 9, 2018
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1310.80. The abolition of the option to continue Gold growth will be the breakdown of the lower border of the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair quotes below the 1280.50 area, indicating a change in the bearish trend for Gold. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.
