XAUUSD is testing our Pivot point, potential for a drop.

Description
Price is testing our Pivot point at 1692.79, which is in line with our 78.6%, -27%, 161.8% Fibonacci retracement, and 100% fibonacci extension. We could potentially see price drop from our Pivot point towards our 1st support level at 1661.10, which is in line with a fibonacci confluence. Its noteworthy price is trending under the Ichimoku cloud and descending trendline, in line with our bearish analysis.

Pivot: 1692.79
Why we like it:
78.6%, -27%, 161.8% Fibonacci retracement, and 100% fibonacci extension

1st Support: 1661.10
Why we like it:
-61.8% fibonacci retracement and 161.8% fibonacci extension

1st Resistance: 1725.88
Why we like it:
61.8%, 61.8% fibonacci retracement, descending trendline resistance and horizontal graphical overlap resistance.
Trading FX & CFDs carries high risk.