Gold XAU/USD completes the trading week at the level of 1227.86. Gold is trading below the moving average with a period of 55, indicating a bearish trend in gold. At the moment, Gold quotes are moving near the lower border of the Bollinger Bands indicator bars. A test is expected on the middle of the Bollinger Bands indicator strip near the level of 1258.00, where again we should expect an attempt to continue the fall and develop the bearish trend for Gold with the first target near the level of 1178.00.
XAU/USD forecast for the week May 15 — 19, 2017
The conservative XAU/USD sale area is located near the upper boundary of the Bollinger Bands indicator bars at 1303.00. Canceling the option of continuing the fall of GOLD will be a breakdown of the moving average with a period of 55, as well as the upper boundary of the Bollinger Bands indicator and the closing of Gold quotes above the area of 1326.00, indicating a change in the trend in favor of the bullish trend on XAU/USD. In the case of fixing quotes below the lower border of the Bollinger Bands indicator, we expect to accelerate the fall of GOLD in the area below the level of 1178.00.