Gold XAU/USD is trading at the level of 1257.32. Gold continues to trade above the moving average with a period of 55, indicating a bullish trend for gold. At the moment, Gold quotes are testing the average border of the Bollinger Bands indicator bars. It is worth waiting for an attempt to reduce and test the moving average with a period of 55 near the level of 1252.00, where again we should expect an attempt to continue growth with the first goal near the level of 1270.00.
Bollinger Bands XAU/USD forecast April 12, 2017
The conservative shopping area is located near the lower border of the Bollinger Bands indicator strip at the level of 1246.00. Canceling the option of continuing the growth of the gold will be a breakdown of the lower boundary area, as well as the moving average and the closing of the Gold quotes below the area of 1238.00, indicating a trend reversal in favor of the bearish on XAU/USD. In the case of fixing quotes above the upper boundary of the indicator strip, we expect to accelerate the growth of gold in the area above the level of 1270.00.
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