#XAUUSD is reacting below pivot, potential for further downside!

Price is consolidating above pivot level at 1,788.00, in-line with 50% Fibonacci retracement level, 161.8% Fibonacci extension level and horizontal overlap resistance. The price could potentially drop towards support at 1,720.30, in-line with 100% Fibonacci retracement level, 161.8% Fibonacci extension level and swing low support. Stochastic is also at resistance where previous drops occurred
Alternatively, price may swing towards resistance at 1799.00 , in-line with 61.8% Fibonacci retracement level and 200% Fibonacci extension level.

Pivot:
1,788.00
Why we like it:
50% Fibonacci retracement level, 161.8% Fibonacci extension level and horizontal overlap resistance

1st Support:
1,720.30
100% Fibonacci retracement level, 161.8% Fibonacci extension level and swing low support

1st Resistance:
1799.00
61.8% Fibonacci retracement level and 200% Fibonacci extension level

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