Gold quotes are traded at the level of 1316.86. 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 1304.50 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 1350.80.
XAU/USD weekly forecast on January 8 — 12, 2018
The conservative buying area is located near the middle border of the Bollinger Bands indicator strip at the level of 1275.10. The abolition of the continuation of Gold growth will be the breakdown of the mid-range area 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 1250.50 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.