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

Description
Price is testing our Pivot point at 1684.19 which is in line with our fibonacci confluence and horizontal graphical overlap. We could potentially see a drop from our Pivot point towards our 1st support level at 1664.29 which is in line with 161.8% fibonacci retracement and 161.8% fibonacci extension. It's noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish analysis.

Pivot: 1684.19
Why we like it:
127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Support: 1664.29
Why we like it:
161.8% fibonacci retracement and 161.8% fibonacci extension

1st Resistance: 1701.96
Why we like it:
61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

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