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

Description
Price is approaching our Pivot point at 1699.91 which is in line with our 61.8% Fibonacci retracement, 78.6% fibonacci extension and descending trendline resistance. We could potentially see price drop from our Pivot point towards our 1st support level at 1668.65, 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: 1699.91
Why we like it:
61.8% Fibonacci retracement, 78.6% fibonacci extension and descending trendline resistance

1st Support: 1668.65
Why we like it:
-27% fibonacci retracement and 127% fibonacci extension

1st Resistance: 1724.04
Why we like it:
127% fibonacci retracement and horizontal swing high resistance.
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