#XAUUSD, H4 approaching pivot, potential for bearish breakout

Description

Price is approaching pivot point at 1734.13 which is in line with 161.8% Fibonacci retracement level & horizontal swing low support. A break and close below this level could see a price swing towards 1st support at 1677.97.This level is in line with 161.8% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1797.11, which coincides with 38.2% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding below the natureal MA of 34 and below the 0 line of MACD..

Pivot:
1,734.13

Why we like it:
161.8% Fibonacci retracement level & horizontal swing low support

1st Support:
1,677.97
161.8% Fibonacci retracement level & horizontal swing low support

1st Resistance:
1,797.11
38.2% Fibonacci retracement level & horizontal swing high resistance
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