XAUUSD is facing bearish pressure from pivot, potential reversal

Price is facing bearish pressure from our pivot, in line with the horizontal overlap resistance and 23.6% fibonacci retracement where we could see a further drop below this level to our first support target. Failure to hold below the pivot level could see prices swing towards our first resistance target at 1804.86.

Pivot: 1787.99
Supporting Points:
horizontal overlap resistance and 23.6% fibonacci retracement

1st Support: 1766.46
Supporting Points:
Horizontal swing low support

1st Resistance: 1804.86
Supporting Points:
38.2% Fibonacci retracement, 78.6% fibonacci extension

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