The gold chart is bouncing in a channel and we see it forming something between a rising wedge (or rectangle pattern). The price is also in the middle of the 61.8- and 78.6% retracement levels respectively, giving us somewhat a short bias. It is crucial to let the price break out of the rising wedge first so that we can see its direction. If however the price breaks to the upside, it might creep up and test the upper channel trendline and we might expect a short position there.