Quotes of Gold are traded at the level of 1222.74. 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 1238.40, 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 1208.35.
Bollinger Bands forecast XAU USD on July 5, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator strip at 1253.60. The abolition of 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’s quotations above the area of 1263.30, indicating a change in the bullish trend 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.