Gold XAU/USD is trading at the level of 1253.38. Gold continues to trade below the moving average with a period of 55, indicating a bearish trend in gold. At the moment, Gold quotes are moving towards the middle border of the Bollinger Bands indicator bars. It is expected to test the middle border of the Bollinger Bands indicator bars near the level of 1260.00, where again we should expect an attempt to continue falling with the first target near the level of 1240.00.
Bollinger Bands XAU/USD Forecast on May 4, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1270.0. 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 border of the indicator bars and the closing of Gold quotations above the area of 1276.00, indicating a change in the trend in favor of the bull on XAU/USD. In the case of fixing quotes below the lower border of the indicator bars, we expect to accelerate the fall of gold in the area below the level of 1240.00.
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