I currently believe we are in a strong distribution phase on XAU/USD and have just entered the upthrust or bull trap, a sell opportunity could occur on the break below 1765 and after a re test this would likely confirm the greater trend change and start the gradual move down to a lower price :D
Comment:
I have an entry at 1777 as there was a failed bull rally which led to strong downward price action, volume seems to be picking up also telling us that "smart money" may just have stepped in, this is going to be a multi month trade most likely i will keep updating