Gold is approaching resistance, potential reversal

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Price reversed nicely below our first resistance to hit our first support target. We maintain a bearish bias on gold. Price is approaching our first resistance, in line with our horizontal pullback resistance level, 61.8% fibonacci retracement and 127.2% fibonacci extension where we could see a reversal below this level. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.