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GOLD Short Squeeze or Meltdown?

COMEX:GC1!   GOLD FUTURES
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Gold             looks like it could trade down to 1180 where if gold             dips into 1180 and finds support at the pink and red trendlines , could trap sellers at lows causing a short squeeze in a counter trend rally back up to resistance. But if gold             breaks all current possible support on a weekly close with strong momo, the measured move of its current consolidation period is close to the 61.8% fib from 2001 lows to 2011 highs. Notes on chart.
I vote for the short squeeze, please!
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