Gold quotes are traded at the level of 1209.99. 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 1234.60 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 1150.00.
XAU/USD weekly forecast on August 13 — 17, 2018
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1238.50. The abolition of the variant of the continuation of the fall of Gold will be the breakdown of the upper boundary of the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair quotes above the 1280.50 area, indicating a change in the bullish trend 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.