GOLD (XAUUSD): Two Potential Scenarios Explained🥇

As I predicted Gold dropped nicely after the market opening.
Now the price is trading on a strong intraday structure support.

Based on a current perspective I see two potential scenarios:

• If the price breaks and closes below 1914 - 1917 demand area on 4H,
  then I will expect a further decline to 1900 / 1891 levels.
  
  
• Because the market looks oversold, a pullback is highly probable as well.
  Your confirmation to buy will be a bullish breakout of a falling wedge pattern on an hourly time frame.
  Then a bullish continuation will be expected to 1932 / 1943 levels.
  

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Comment:

Check my new analysis on CADJPY: