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

Description
Price is approaching our Pivot point at 1750.12, which is in line with our 78.6%, -27% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap. We could potentially see price drop from our Pivot point towards our 1st support level at 1708.47, which is in line with a fibonacci confluence. Its noteworthy price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish analysis.

Pivot: 1750.12
Why we like it:
78.6%, -27% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap

1st Support: 1708.47
Why we like it:
78.6%, 127% fibonacci retracement and Horizontal graphical swing low support

1st Resistance: 1777.09
Why we like it:
127% fibonacci retracement, 161.8% fibonacci extension and horizontal swing high resistance.
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