Will gold offer long entry in the near term?

Looking at the 1 hour chart, GOLD is trying a break out of the descending channel in which it has been trading since early March.

I'll watch closely to see if it makes it through the monthly Fibonacci S1 level (SM2), which recently served as resistance (March 8). If this happens, one might consider entering a long position with a short-term target of $1773 (monthly pivot point, PM).

If the move is rejected and the price falls back into the channel (below $1700), the monthly Fibonacci S2 level (SM2) comes into play as a potential support.