XAUUSD Bearish Pressure

Last week, after the war begun between Russia and Ukraine, we saw a significant rise on XAUUSD as a safe haven.

Price had a significant growth around 1980 (approximately near to $2000 which is a strong resistance level and almost the highest price that XAUUSD has been ever met before).

Since price approached to this strong resistance level, it started a drop. Currently, we can see the bearish pressure on price.

There is a support level around 1887 which has pushed the price to the upside for several times in the past. If price breaks this level to the downside and closes the bearish 4H candle below it, I expect a drop on XAUUSD to 1850 in the future.

But, remember that, because the war isn’t over yet and we don’t know what might happen, we should be aware of the probability of growth either.