XAU/USD analysis for 6.12

Gold price traded positively last Friday; it breached the 1770.00 level and headed towards testing the 1797.00 level. However, the EMA50 forms negative pressure in front of the price, which can stop the bullish bias. Besides, the stochastic indicator has lost positive momentum and clear overbought signs have emerged.

These factors encourage us to suggest a bearish bias for today, and the targets start at 1770.00 and extend to 1734.00 after breaking the previous level. The continuation of the rise and breaching 1797.00 will stop the expected decline and lead the price to achieve additional gains in the intraday term.

The expected trading range for today: between the support 1760.00 and the resistance 1797.00

The forecast general trend for today: bearish