FX:XAUUSD   Gold Spot / U.S. Dollar
As you see in the 4H chart, XAUUSD has dropped sharply, after a significant rise.

Currently, price is in a downtrend and is making lower lows and is approaching to the support level at 1761.40:

If price breaks the support to the downside and closes a bearish confirmation candle below this level, we can expect more drop around the next support zone which is between 1746 - 1750, and in the case of a downside breakout on this zone, the next target would be near the last major low at 1724

On the other hand, there is a resistance level at 1800 and if price could not break the support levels and pushed to the upside by them, we should wait for 1800 to be broken out and bullish candle closure above this level, to enter long with a target near the last major high at 1830.

I personally think the bearish scenario is more possible.
Which side are you on for XAUUSD?
Feel free to share your ideas in the comments.

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