XAUUSD is approaching our Pivot point, potential for a drop

Description
Price is approaching our Pivot point at 1764.45, which is in line with our 78.6%, 50%, 88% Fibonacci retracement, 78.6% fibonacci extension, and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1732.19, which is in line with a fibonacci confluence. Its noteworthy price is trending under the moving average, in line with our bearish analysis.

Pivot: 1764.45
Why we like it:
78.6%, 50%, 88% Fibonacci retracement, 78.6% fibonacci extension, and horizontal graphical overlap

1st Support: 1732.19
Why we like it:
161.8% fibonacci retracement, 127% fibonacci extension and Horizontal graphical swing low support

1st Resistance: 1787.42
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and horizontal swing high resistance.
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