XAU/USD (short idea) Will gold melt??

FX:XAUUSD   Gold Spot / U.S. Dollar
289 0
-Price has formed a descending channel with 2 touches to the lower trendline and 2 to the upper.
will we see a further drop to the downside from the 61.8% Fibonacci level or will it break and start climbing again???

-My bias is still short due to the strong down trend recently, however if we do see a clear break & retest I may reconsider.
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