Gold quotes are traded at the level of 1301.24. 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 test the upper boundary of the bands of the Bollinger Bands indicator. A test of the level of 1298.30 is expected, from which one should expect an attempt to continue growth and further development of the upcoming trend for gold with a target near the level of 1310.50.
GOLD forecast and XAU/USD analysis on June 8, 2018
The conservative buying area is located near the lower boundary of the Bollinger Bands indicator bars at 1306.60. Canceling the option of continuing the growth of Gold will be a breakdown of the lower border of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes below the area of 1290.20, indicating a change in the trend in favor of the bearish 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.