XAUUSD (GOLD) TRADE UPDATE

 Good afternoon traders, I'm doing an update on the XAUUSD shorts I had called and how the trade has progressed with the market moves this week. Price rallied to the previous H1 high at 1682.60, failed to break it and dropped. Price gained momentum during NY session dropping in 2 large H1 bearish candles after the CPI news release yesterday confirming a continuation of the bearish trend. Price dropped to 1643.20 with strong momentum, hitting my target of 1658.00 where I took partials and dropped lower then rallied back to 1665.50. I anticipated a retest of 1672.40 before a continuation of the drop back to the H1 & H4 demand zone at 1629.44 & 1620.21 which is the origin of the previous rally to supply at 1731.49 & 1721.31. I'm still holding my short positions from 1724 and I had pending sell limit orders at 1672.40 with SL at 1683.30. Price rallied to retest 1672.40 as previously anticipated and activated my pending sell limit orders at 1672.40

Price dropped to 1659.40 during Asian session then rallied back to retest 1672.40 again during London session that led to the H1 Asian low at 1659.40 being taken out and price dropping lower confirming a continuation of the drop. I anticipate a continuation of the drop to the major demand level on H1 & H4 at 1629.44 & 1620.21 with my target being at 1624.50 as my previous target at 1658.00 was hit and price dropped lower.