Gold quotes are traded at the level of 1303.43. 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 1288.50 is expected, from which one should expect an attempt to continue growth and further development of the upward trend in gold with a target near the level of 1335.50.
XAU/USD weekly forecast on October 16 — October 20, 2017
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1260.50. Canceling the option of continuing Gold growth will be a breakdown of the lower border area of the Bollinger Bands indicator strip, as well as a moving average with a period of 55 and the closing of the pair quotes below the area of 1248.50, 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.
