#XAUUSD, H4 approaching pivot, potential for a bearish reversal

Description

Price is reacting below key pivot level of 1795.01 where we have 127.2% Fibonacci retracement level & horizontal swing high resistance lining up. A drop below this level might see price take support at 1734.01, which is in line with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1855.35, which coincides with 61.8% Fibonacci retracement level & horizontal pullback resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
1,795.01

Why we like it:
127.2% Fibonacci retracement level horizontal swing high resistance

1st Support:
1,734.01
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support

1st Resistance:
1,855.35
61.8% Fibonacci retracement level & horizontal pullback resistance
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