Gold critically poised. Where is it headed. Trend outlook for Gold

Here is a quick review and look at the gold charts and an analysis of where is it headed. A quick analysis here is to understand where is it trading and what can be the next potential major trend moves

One chart is worth many lines as always. Here is the chart posted below.

Gold Weekly Charts- Trend Analysis

Here we have analyzed the weekly chart of gold. XAUSD have been trading in between two major retracement levels for the past 11 weeks. This is in between the trading levels of 1450 on the upside and 1305 on the downside.  During the recent pull back a few weeks back it failed to clear the 1450 range on the upside basically keeping it restricted within the trading range.

Also that was a breakout from the downward channel (Highlighted in blue). Based on the above analysis two strategies emerge.

Pull backs: Trade a pullback within the trading range of 1350 on the downside and 1450 on the upside.

Breakout Trade: A break out trade can be initiated outside this trading range. Upside target emerges at 1550 and 1620 levels. Downside targets emerge at 1160 and 1100 zones.

The key part is here we are at a critical cusp of both a low risk pull back opportunity and a breakdown trade potential. Within the next few trading sessions.