XAU/USD analysis for 1.12

Gold price succeeded in touching our awaited target at 1770.00 and now finds strong support there. It shows some temporary bullish bias now, and it may test the 1785.00 level before declining again, waiting to break 1770.00 to confirm the extension of the descending wave towards 1734.00.

The moving average 50 supports the suggested negative scenario, which will remain valid unless the price rushes to breach 1785.00 and then 1797.00, and stabilizes above it.

The expected trading range for today: between the support 1760.00 and the resistance 1795.00

The forecast general trend for today: bearish