As you see in the 4H time frame, there was a sharp downside move and after that price started a correction phase and made a reversal H&S pattern with making a higher low.
Currently, we can see bullish pressure, but on the other side, price has approached to the red resistance zone around 1950, which has pushed the price to the downside for several times in the past.
Since price has approached to the resistance level and the previous strong move was a bearish trend, we can expect a drop on price, but we should wait for the downside breakout and bearish candle closure below the last low around 1928 to expect a drop on XAUUSD around 1915.
On the other hand, if price breaks the red resistance zone and closes a bullish candle above this level, we expect a rise at least towards the next major high around 1962.
Currently, we can see bullish pressure, but on the other side, price has approached to the red resistance zone around 1950, which has pushed the price to the downside for several times in the past.
Since price has approached to the resistance level and the previous strong move was a bearish trend, we can expect a drop on price, but we should wait for the downside breakout and bearish candle closure below the last low around 1928 to expect a drop on XAUUSD around 1915.
On the other hand, if price breaks the red resistance zone and closes a bullish candle above this level, we expect a rise at least towards the next major high around 1962.
