Gold / XAUUSD / GC - Looking to short from bearish pennant

Gold has formed a bearish pennant pattern just below the resistance level of 1300-1305. I expect a price break out sometime in the next day or two. There are two ways to enter this pattern, once is on a break down of the pattern by entering short, the other is waiting for a false break up and then entering short on a pull back. A false break is a much better setup and would offer a better risk reward trade with higher chance of success, at around a 1 : 3.5 Risk : Reward ratio. Without the false break and price simply falling through the bottom there is always a chance of a throwback, when price breaks down but then immediately pulls back in, essentially faking out the bears. While the latter setup is more risky, it is still tradable with the right trade management techniques. The near term price target would be 1165 and key support at 1135 for a more a more aggressive price target.