XAUUSD M15: Bearish outlook seen, further downside below 1746.50

On the M15 time frame, prices are facing bearish pressure from the resistance at 1746.50, in line with the graphical resistance zone and 38.2% Fibonacci retracement. A pullback to the resistance zone at 1746.50 presents an opportunity to play the drop to the next support target at 1739.50, which coincides with the graphical resistance-turned-support level and 50% Fibonacci retracement. Stochastic is testing resistance at 78.10 as well where we could see a reversal below this level.