Fed meetings minutes will be released in another 10hrs. So XAUUSD may consolidate till that time and if Fed defers interest rate hikes Gold will move little up / may take out our stops.
If Fed decides to treat us with surprise Interest rate hikes Gold will come down drastically.
The formation is right @ which gives more confirmation to take the trade. Also there is Divergence in when XAUUSD nibbling around same levels.
Happy Trading !