Gold quotes are traded at the level of 1213.99. 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 testing the lower boundary of the Bollinger Bands indicator bars. An insignificant correction is expected near the level of 1230.40, 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 1209.10.
Bollinger Bands forecast XAU USD on July 10, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1229.70. Canceling the option of continuing the fall of the Gold will be a breakdown of the upper border of the Bollinger Bands indicator strip, as well as a moving average with a period of 55 and the closing of the pair’s quotes above the area of 1233.50, indicating a change in the trend in favor of the bull on 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.