XAUUSD reversed from our Pivot, potential for a drop.

Description
Price has reversed from our Pivot point at 1739.21 which is in line with our 78.6% Fibonacci retracement, 100% fibonacci extension, horizontal swing high resistance and descending trendline. We could potentially see a drop from our Pivot point towards our 1st support level at 1719.93 which is in line with -27% fibonacci retracement, 78.6%, 100% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the ascending trendline support turned-resistance and descending trendline, in line with our bearish analysis.

Pivot: 1739.21
Why we like it:
78.6% Fibonacci retracement, 100% fibonacci extension, horizontal swing high resistance and descending trendline

1st Support: 1719.93
Why we like it:
-27% fibonacci retracement, 78.6%, 100% fibonacci extension and horizontal swing low support

1st Resistance: 1755.30
Why we like it:
-27%, 161.8% fibonacci retracement, 200% fibonacci extension and horizontal swing high resistance

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