XAUUSD has reversed from our Pivot point, potential for drop

Description
Price has reversed from our Pivot point at 1786.17, which is in line with our 38.2%, 78.6% Fibonacci retracement, 78.6%, 127% fibonacci extension and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1741.91, which is in line with -68%, 241% fibonacci retracement, 127% and 88% fibonacci extension. Its noteworthy price is trending under the descending trendline, in line with our bearish view.

Pivot: 1786.17
Why we like it:
38.2%, 78.6% Fibonacci retracement, 78.6%, 127% fibonacci extension and horizontal graphical overlap

1st Support: 1741.91
Why we like it:
-68%, 241% fibonacci retracement, 127% and 88% fibonacci extension

1st Resistance: 1801.39
Why we like it:
61.8%, 50% fibonacci retracement, 200% fibonacci extension and descending trendline resistance.
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