Gold quotes are traded at the level of 1279.80. 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 test the average border of the Bollinger Bands indicator bars. A test of the level of 1293.50 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 1245.50.
XAU/USD weekly forecast on October 23 — 27, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1306.60. The abolition of the continuation of the fall of Gold will be a breakdown of the upper boundary of the Bollinger Bands indicator strips, as well as a moving average with a period of 55 and the closing of the pair quotations above the area of 1315.50, 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.