XAUUSD Next Target 1575

What an epic week was the last week! Due to important economic news like CPI release, we have seen big significant moves in the financial markets.

XAUUSD had a sharp and strong drop in the past few weeks and as it is clear, price has a downtrend formation.

In the lower time frame like 4H, price had a pull back towards the yellow resistance area to 1680 and then started to drop again.

Currently, there is no strong support level ahead and we expect a continuation on downside move towards the green level at 1575 which is a demand area in the Monthly time frame.