Gold is facing bearish pressure, potetial for further drop

We caught the reversal nicely from our first resistance and remain bearish below our first resistance, in line with our horizontal pullback resistance, 61.8% fibonacci retracement and 78.6% fibonacci extension, where we could see a further reversal below this level. We do caution our intermediate support at 1896.63 and would need to see a break below this level to trigger a further drop to our first support target. Stochastic is facing bearish pressure from our resistance as well.

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