XAUUSD Daily Chart Analysis: Drop below 1600 is still possible

XAUUSD is showing weakness in the daily chart. There is scope for a drop below 1560. Currently, the price is consolidating between 1688 and 1705. Once the consolidation is over, a drop is likely.

In the hourly chart two, Gold is trading below the important 100 hour EMA, which indicates short and medium-term weakness.

Sell Trades executed at the zone I have marked in my chart are still valid with SL placed above the previous high.