XAUUSD is approaching our Pivot point, potential for a drop

Price is approaching our Pivot point at 1778.03 which is in line with our 61.8% Fibonacci extension, 23.6% Fibonacci retracement and horizontal pullback resistance. We could potentially see price drop towards our 1st support level at 1741.81. It is worth noting that the Ichimoku cloud is showing bearish pressure in line with our analysis.

Trading FX & CFDs carries high risk.