Gold quotes are traded at the level of 1297.21. 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 upper boundary of the bands of the Bollinger Bands indicator. A level test 1288.0 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 1330.50.
XAU/USD weekly forecast on January 1 — 5, 2018
The conservative buying area is located near the middle border of the Bollinger Bands indicator bars at 1265.60. The abolition of the continuation of Gold growth will be a breakdown of the middle range of the Bollinger Bands indicator strip, as well as a moving average with a period of 55, and the closing of the pair quotations below the 1248.50 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.