2. Gold broke out from this minor channel and in the process of retesting the break out level formed an pattern which gives minimum measured move to 1161.56 (161.8% Fib) and 1174.93 (final measured tgt ).
3. The neckline of the coincides with the breakout of the main falling (and also marks a new )
4. Expecting to see a dip to 1140 neckline ahead of a rally to 1161/1174 region
5. 1225/1217 marks a divergence where the low of August 5th failed to confirm thus forming a higher low in stochs.
Watch 1161 region which could see a retest for support when prices break the resistance. Refer to the monthly chart below in the comments section on the larger time frame.
Trade management will be key to trading this set up. Ideally by the time price hits 1160, looking to book some profits and trading the remainder at BE. Currently, the expectations of Gold hitting 1220 region is not that high, but with a Break even/risk free trade it is worth exploring.
Another analysis completely different but points to the same bias, from Ivan