Gold quotes are traded at the level of 1220.10. Gold is moving above the level of the moving average with a period of 55, which indicates the presence of a bullish trend for gold. At the moment, the quotes of Gold are moving near the upper border of the Bollinger Bands indicator bars. The test is expected to level 1199.60, from which one can expect an attempt to continue the growth and further development of the upward trend for Gold with a target near the level of 1262.00.
XAU/USD weekly forecast on October 15 — 19, 2018
The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at 1178.60. Cancellation of the option to continue Gold growth will be the breakdown of the lower border of the Bollinger Bands indicator, as well as the moving average with a period of 55 and closing of the pair quotes below the area of 1175.00, which will indicate a change in trend in favor of a bearish Gold. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.