XAUUSD MARKET ANALYSIS

 Good evening traders, I hope you've all had a great day. Into the markets today, I am looking at XAUUSD where price has been on a steady downtrend since forming new highs at 2788.00. Price dropped and broke a major H1, H4 & daily demand zone at 2624.76 & 2607.50 and formed a lower low on H1 & H4 at 2592.03 confirming the breakout. Price retraced to retest the broken demand as a new supply before a potential continuation of the drop lower. Took sell positions via pending sell limit orders during Asian session at 2607.53 with SL at 2618.00. Setup taken is a drop base drop, a continuation setup and my first target is at 2570.30 and my next major target is at 2530.00. 

Price formed a one candle retest on H1 & back to supply at 2605.57 followed by a strong drop. Price dropped by a strong push away from supply, taking out the previous H1 low at 2592.00 and dropping lower confirming the bearish sentiment. Price dropped 700 pips to 2536.22, taking out my previously anticipated targets at 2570.30 and still going dropping lower. I anticipate a potential continuation of the drop lower to the next major H4 & daily demand zone at 2530.73.