Gold XAU/USD is trading at the level of 1231.30. GOLD continues to trade below the moving average with a period of 55, indicating a bearish trend in GOLD. At the moment, GOLD quotes test the upper boundary of the Bollinger Bands indicator. An attempt is expected to continue the fall and further development of the downward trend of Gold with the first target near the level of 1216.00.
Technical analysis & prediction XAU/USD on May 16, 2017
The conservative XAU/USD sale area is located near the upper boundary of the Bollinger Bands indicator bars at 1233.0. Canceling the option of continuing the fall of Gold will be a breakdown of the upper range of the Bollinger Bands indicator strips, as well as a moving average with a period of 55 and the closing of Gold quotes above the area of 1242.00, indicating a change in the bullish trend for XAU/USD. In case of fixing quotes below the lower border of the Bollinger Bands indicator, we expect to accelerate the fall of GOLD into the area below the level of 1216.00.
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