Gold quotes are traded at the level of 1277.47. 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 bands of the Bollinger Bands indicator. A test of the level of 1282.40 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 1264.50.
GOLD forecast and XAU/USD analysis on June 18, 2018
The conservative sales area is located near the middle border of the Bollinger Bands indicator strip at the level of 1297.20. The abolition of the option to continue the fall of Gold will be a breakdown of the mid-range area of the Bollinger Bands indicator strip, as well as a moving average with a period of 55 and the closing of the pair quotations above the area of 1305.20, 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.