XAUUSD Drops After Retrace

As it is shown in the chart, price dropped sharply in the last week and made lower lows and lower highs.

Currently, we can see an upside retrace and a pull back to the yellow broken level and a downside rejection afterwards.

Price is still facing downside pressure and is willing to drop more. There is a probability of more upside retrace before starting to drop again on XAUUSD around 1650 -1655 and then falling again.

I expect a continuation of downside move for XAUUSD this week and the next targets would be around 1627 and 1618.

What is your view on XAUUSD for this week? Feel free to share your ideas in the comments.