Gold quotes are traded at the level of 1331.45. 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 are moving near the upper border of the Bollinger Bands indicator bars. A test of the level of 1313.40 is expected, from which one should expect an attempt to continue growth and further development of the upward trend for gold with a target near the level of 1363.70.
XAU/USD weekly forecast on January 15 — 19, 2018
The conservative buying area is located near the middle border of the Bollinger Bands indicator bars at 1293.50. The abolition of the option of continuing Gold’s growth will be the breakdown of the middle range 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 area of 1265.10, 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.
