XAUUSD, H4 is approaching our Pivot, potential for a drop.

Description
Price is approaching our Pivot point at 1739.66 which is in line with 61.8% fibonacci retracement, 127% fibonacci extension, moving average resistance and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1722.53 which is in line with -27% fibonacci retracement, 88%, 100% fibonacci extension and horizontal swing low support. It's noteworthy that price is trending under the moving average, in line with our bearish analysis.

Pivot: 1739.66
Why we like it:
61.8% fibonacci retracement, 127% fibonacci extension, moving average resistance and horizontal graphical overlap

1st Support: 1722.53
Why we like it:
-27% fibonacci retracement, 88%, 100% fibonacci extension and horizontal swing low support

1st Resistance: 1746.87
Why we like it:
61.8% fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap

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