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

Description
Price is approaching our Pivot point at 1777.82 which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1757.02 which is in line with 100%, 61.8% fibonacci extension and swing low support. Do note that MACD is showing bearish pressure in line with our bearish analysis.

Pivot: 1777.82
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap

1st Support: 1757.02
Why we like it:
100%, 61.8% fibonacci extension and swing low support

1st Resistance: 1792.08
Why we like it:
88% fibonacci retracement, 127% fibonacci extension and horizontal swing high,

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