#XAUUSD broke down from ascending trendline, potential for drop

Price broke ascending trendline at our pivot level at 1,788.18 which is in line with 23.6% Fibonacci retracement level and 78.6% Fibonacci extension level. Price could potentially drop towards support at 1,764.03 which is in-line with 50% Fibonacci retracement level and 200% Fibonacci extension level. MACD is also indicating bearish momentum for further downside.
Alternatively, price may swing towards our resistance at 1,803.37, which coincides with 78.6% Fibonacci retracement level and 61.8% Fibonacci extension level.

Pivot:
1,788.18

Why we like it:
23.6% Fibonacci retracement level and 78.6% Fibonacci extension level

1st Support:
1,764.03
50% Fibonacci retracement level and 200% Fibonacci extension level

1st Resistance:
1,803.37
78.6% Fibonacci retracement level and 61.8% Fibonacci extension level

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