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

Description
Price is approaching our Pivot point at 1801.64, which is in line with our 78.6%, -27% Fibonacci retracement, 61.8%, 78.6% fibonacci extension, and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1771.16, which is in line with 127% fibonacci retracement, 100% and 161.8% fibonacci extension. Its noteworthy price is trending under the descending trendline, in line with our bearish view.

Pivot: 1801.64
Why we like it:
78.6%, -27% Fibonacci retracement, 61.8%, 78.6% fibonacci extension, and horizontal graphical overlap

1st Support: 1771.16
Why we like it:
127% fibonacci retracement, 100% and 161.8% fibonacci extension

1st Resistance: 1812.32
Why we like it:
61.8% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap resistance.
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