Gold quotes are traded at the level of 1276.15. Gold moves below the level of the moving average with a period of 55, indicating a bearish trend for Gold. At the moment, Gold quotes are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 1287.50 is expected, from which one should expect an attempt to continue the fall and further development of the downward trend in gold with a target near the level of 1240.50.
XAU/USD weekly forecast on November 6 — 10, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1300.40. Canceling the option of continuing the fall of Gold will be a breakdown of the upper range of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotations above the area of 1310.50, indicating a change in the trend in favor of the bullish for Gold. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.