GOLD (XAU/USD): detailed market outlook and MTF analysis

After tapping into the zone of all-time high last week, the price of gold has been rapidly dropping ever since. From the DAILY timeframe chart, it can be witnessed that the previous DAILY candlestick has left a huge wick to the downside and closed in the favour of buyers. Yet, the current DAILY candle looks super bearish. It had been forecasted that the price is probably making a correctional move and visiting the area of $2000 before continuing its bullish movements. However, the price closed below that level of previous support and formed some sort of a Head&Shoulders pattern. At the moment, the price is sitting on the $1960 zone of support, and it can be inferred that quite a few nice bearish candles have been printed, which indicates a possible continuation to the downside. If the price manages to break below this area of demand, we can observe a further drop till the next zone of crucial support, which is $1915.