Gold quotes are traded at the level of 1286.92. 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 moving near the lower border of the Bollinger Bands indicator bars. A test of level 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 1265.50.
GOLD forecast and XAU/USD analysis on May 17, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1335.80. The abolition of the continuation of the fall of Gold will be a breakdown of the upper range 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 1336.50, 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.