GOLD (XAU/USD): are we ready to go short?

Judging by the current technical outlook derived from the Daily timeframe chart, the price has everything to keep dropping and reach the area of support that lines up with the Weekly Fibonacci level. Technically speaking, rejection of the upper barrier of the ascending channel that is plotted on the graph portrays that bears have stepped into the game and are ready to drag the price towards the South. More to it, from the fundamental point of view, the DXY has experienced a nice pump and is bound to correct its bullish movements for the upcoming term. Hence, we are looking into entering short positions and aiming for a nice return on this setup.