XAUUSD approaching pivot, potential for a drop for SAXO:XAUUSD by FXCM

Price is approaching our pivot level at 1,796.49 which is in line with -27.2% Fibonacci retracement level and 78.6% Fibonacci extension level and horizontal overlap resistance. Price could potentially drop towards support at 1,761.94, in line with 23.6% Fibonacci retracement level , 61.8% Fibonacci extension level and 50MA. Stochastic is also at resistance level where previous drops occurred.
Alternatively, price may bounces to our resistance at 1,815.56, which coincides with -61.8% Fibonacci retracement level and 161.8% Fibonacci extension level.

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