XAU/USD analysis for 10.12

Gold price showed noticeable negative trades yesterday and completed forming a bearish continuation flag pattern, whose features appear on the chart above. The price is expected to get a negative motive that will push it to the awaited negative levels. The target levels start at 1770.00 and extend to 1734.00 after breaking the previous level.

The EMA50 continues to support the expected bearish wave, which will remain valid unless the price breaches the 1797.00 level and stabilizes above it.

The expected trading range for today: between the support 1755.00 and the resistance 1795.00

The forecast general trend for today: bearish