#XAUUSD possible short-term bounce before further downside

Price may have a short-term bounce to pivot level at 1,774.50, in-line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance. The price could potentially drop towards support at 1,720.30, in-line with 100% Fibonacci retracement level, 161.8% Fibonacci extension level and swing low support. RSI still indicating a possible bullish momentum before facing bearish pressure.
Alternatively, price may break above pivot to resistance at 1786.15 , in-line with 50% Fibonacci retracement level and 100% Fibonacci extension level.

Pivot:
1,774.50
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level and horizontal overlap resistance

1st Support:
1,720.30
100% Fibonacci retracement level, 161.8% Fibonacci extension level and swing low support

1st Resistance:
1786.15
50% Fibonacci retracement level and 100% Fibonacci extension level

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