XAU/USD analysis for 7.12

Gold price fluctuates with quiet negativity, and is expected to approach the 1770.00 level. Negative trades are supported by the negative pressure formed by the EMA50, and the price awaits more decline to go beyond the mentioned level and extend the descending wave towards 1734.00.

Therefore, the bearish trend scenario will remain valid for the upcoming period, and stability below 1797.00 is important to achieve the suggested targets.

The expected trading range for today: between the support 1755.00 and the resistance 1790.00

The forecast general trend for today: bearish