#XAUUSD consolidating above pivot, potential for a drop

Price is consolidating above 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. This could potentially be a fake breakout and 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 indicating bearish momentum for further downside.
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.

Pivot:
1,796.49

Why we like it:
-27.2% Fibonacci retracement level and 78.6% Fibonacci extension level and horizontal overlap resistance

1st Support:
1,761.94
23.6% Fibonacci retracement level , 61.8% Fibonacci extension level and 50MA

1st Resistance:
1,815.56
-61.8% Fibonacci retracement level and 161.8% Fibonacci extension level

Trading FX & CFDs carries high risk