Peter Smith
The price of Gold (XAU) continues its rise after it has successfully fixed above the $2,000 mark.
At the moment, the quotes of Gold (XAU) are traded at the level of $2,057.63. GOLD moves above the moving average with a period of 55. This indicates a bullish trend for GOLD. At the moment, it is moving near the upper border of the Bollinger Bands indicator.
As part of the gold forecast, a test of the level of $2,014.10 is expected. Where one can expect an attempt to continue the growth of Gold and the further development of the upward trend. The goal for this trend is the area near the level of $2,145.20. The conservative buying area is located near the lower border of the Bollinger Bands indicator bars at $1,945.80.
Cancellation of the option to continue the growth of Gold will be a breakdown of the area of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of the gold quotes below the area of $1,942.60. This will indicate a change in the current trend in favour of a bearish for Gold. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.
XAU is trading at $2,069 at the press time.
Peter Smith
