Nice risk-reward ratio - Potential BIG trade

The gold price has been ranging in 1784-1832 level since December 2021. Based on the price action right now, there's a possibility that gold will fall to restest the bottom flag line at 1780-60 zone.
What we know so far, Powell signals rate hikes and balance sheet runoff, but yields hold steady, CPI 0.5% and Core CPI 0.6%, U.S. jobless claims rise by 23,000 to 230,000.

Invalidation:
- This analysis fails if the price breakout and close above the upper flag line

Catalyst:
- U.S. Sales data
- Manufacturing Index
- Unemployment claims