XAU/USD analysis for 8.12

Gold price shows calm positive trades and is expected to test the EMA50, accompanied by the stochastic loss of positive momentum and the emergence of overbought signs. It will motivate the price to resume the expected bearish trend in the intraday term. The pattern targets testing 1770.00, and breaking this level will extend the descending wave to target 1734.00.

In general, we continue to suggest the bearish trend for the upcoming period, unless the price rushes to breach 1797.00 and stabilize above it.

The expected trading range for today: between the support 1765.00 and the resistance 1800.00

The forecast general trend for today: bearish