Gold quotes are traded at the level of 1185.21. Gold is moving below the moving average with a period of 55, which indicates the presence of 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 1189.30 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 1174.30.
GOLD forecast and XAU/USD analysis on October 2, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1200.30. Cancellation of the option to continue the fall of Gold will be the breakdown of the upper border of the Bollinger Bands indicator, as well as the moving average with a period of 55 and the closing of quotations of the pair above the area of 1203.00, which will indicate a change in trend in favor of bullish for Gold. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.