XAUUSD approaching resistance, potential drop!

XAUUSD is approaching our first resistance at 1301.45 (horizontal overlap resistance, 50% Fibonacci retracement) and price might potentially drop to our first support at 1288.55 (horizontal swing low support, 76.4% Fibonacci retracement). A breakout below our intermediate support at 1297.49 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our first support level.

Ichiomoku cloud is also showing signs of bearish pressure in line with our bearish bias. RSI (89) is also seeing a bearish exit where we might see a corresponding drop in price.