XAU/USD weekly forecast on October 8 — 12, 2018

Gold quotes are traded at the level of 1200.47. Gold moves below the level of the moving average with a period of 55, indicating a bearish trend for gold. At the moment, the quotes of Gold are moving near the upper border of the Bollinger Bands indicator bars. A test of level 1215.00 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 1130.20.

XAU/USD weekly forecast on October 8 — 12, 2018

XAU/USD weekly forecast on October 8 — 12, 2018

The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1215.20. 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 1230.00, 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.

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