Gold quotes are traded at the level of 1193.99. 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, the quotes of Gold are moving near the lower border of the Bollinger Bands indicator bars. The test is expected to level 1197.50, from which one can expect an attempt to continue to fall and further develop the downward trend in Gold with a target near the level of 1184.20.
GOLD forecast and XAU/USD analysis on October 9, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1205.40. Cancellation of the option to continue the fall of Gold will be the breakdown of the upper border of the Bollinger Bands indicator bars, as well as the moving average with a period of 55 and the closing of quotations of the pair above the 1206.20 area, 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.