#XAUUSD, H4 is at Pivot, potential for drop

Price is at our Pivot point, which is in line with 61.8% fibonacci retracement , 61.8% fibonacci extension and horizontal graphical overlap and facing bearish pressure from the descending trendline. We could potentially see a drop from our Pivot point towards our 1st support level at 1758.82, in-line with 61.8% and 100% fibonacci extension. It's worth noting that price is under the Ichimoku cloud and may add to the bearish pressure

Pivot: 1775.20
Why we like it:
61.8% fibonacci retracement , 61.8% fibonacci extension and horizontal graphical overlap

1st Support: 1758.82
Why we like it:
61.8% and 100% fibonacci extension

1st Resistance: 1794.83
Why we like it:
61.8% fibonacci retracement , 61.8% fibonacci extension and horizontal graphical overlap

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