Waiting for the second down-swing on gold.

After the heavy sell-off a small triangle
formed with resistance at 1260.6.

I expect the price to break up from
the triangle after a couple more re-tests.
The breakout should be weak or even fake.
And after reaching some of the fib levels
I expect the next swing out of the expo ribbon
to the downside.

The other possible scenario
is the breakdown from the triangle.
However then I don't expect a large move.

Possible targets: 1237, 1220.

Good luck ;)