XAUUSD started the new year with a good growth but price could not keep the bullish momentum and was pushed back to the downside.
Currently, in the 4H time frame, we can see the bearish candles with lower highs. Price is facing downside pressure and is going down towards the daily support level at 1844.
If price breaks 1844 strongly and can be closed below this level, I expect more drop on XAUUSD to the marked green levels at 1838 and 1828.
What is your idea about XAUUSD? Feel free to share your ideas in the comments.