Gold- More room down than up (I'm looking to sell)

In my yesterday's commentary I said that Gold could test the 1800 zone, and, indeed, after breaking above the small ascending triangle's resistance, the price started to rise.
However, after passing above 1780, it reversed, a new spike in that zone followed after a few hours and a new drop to the 1770 zone.
This for me is an indication that bulls are very tired and a much-needed correction for the 1600 pips rise could follow sooner rather than later.

From a technical point of view, Gold is still above the ascending trend line , but very close to it.
Also, the price action since the 11th is contained in a channel, which after a strong move is an indication of exhaustion.

All in all, in my opinion, there is more room to move down than up, so I will look to sell rallies.
This expected correction could drive the price to 1745 with an extension at the 1720 zone which is also my target for now.

Longer term view:


On the long term, trend remains bullish though, but swing trades should wait for this correction to be over and look to buy dips around 1720 for a good R:R considering a stop loss under important 1680 support.

Best of luck!
Mihai Iacob