XAU/USD analysis for 3.12

Gold price closed yesterday’s trading below the level of 1770.00, which confirms the continuation of the bearish trend in the intraday and short term. The price targets the level of 1734.00 as the next main station.

The EMA50 continues to press negatively on the price to support the decline expectations, noting that the failure to consolidate below 1770.00 will push the price forward to achieve intraday gains and test the 1797.00 areas again before any new attempt to decline.

The expected trading range for today: between the 1750.00 support and the 1785.00 resistance

The forecast general trend for today: bearish