Gold quotes are traded at the level of 1191.29. 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 middle border of the Bollinger Bands indicator bars. A test of level 1195.20 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 1176.50.
GOLD forecast and XAU/USD analysis on October 1, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1205.60. The abolition of the continuation of the fall of the Gold will be the breakdown of the upper border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotations above the area of 1206.00, 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.