XAUUSD Bearish Structure: Next Targets

As it is clear in the 4H time frame, XAUUSD is in a downtrend with lower highs and lower lows structure.

We can see the downside push on the price in the daily time frame either.

Currently, price has broken the last low (yellow support zone) at 1638 and is facing bearish pressure.

The current 4H candle closure is below the first yellow zone, so we expect a continuation on downside move towards the next support areas at 1627 and 1615.

There is a strong support zone at 1615 which has pushed the price to the upside in the past. 1615 is the key level for us and we should wait for the price reaction to it.

If price got rejected from 1615, we can expect a reversal on price and upside move beginning.

If 1615 broken to the downside we will see a big drop on XAUUSD which I will update the analysis afterwards.