Gold: Triangle still unresolved; Entry levels refined

FX:XAUUSD   黄金/美元
The US employment report was mixed. Payrolls posted a 215,000 jobs gain, around June's level, while analysts had expected 225,000. The previous number was upwardly revised to 231,000. The unemployment rate remained at 5.3%, while wage growth came out at 2.1% year-on-year, up from 2.0% in the previous month. According to a latest Reuters poll, the median probability for septermber rate hike estimated by US primary dealers is 60% vs 55% in June. The number for December meeting stands at 80%. 9 of 19 dealers expect two rate hikes this year.

The short-term reaction has been very volatile, with violent swings in both directions. The price of Gold has tested both trendlines that form the Triangle pattern . There is a clear 5-wave advance that usually sets a new uptrend. The key support cluster is projected @1089. Our approach is to wait for a 4-hour candle to close either above 1099 to generate a buy signal; or below 1082 for a sell signal. While the intraday chart to the right suggests higher prices based on last swing's wave structure, the long-term trend is, obviously, down.
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I am looking for what is next. I see XAUUSD above the resistance area now, which I think is now support. With people shorting based on the daily chart, this may add fuel to the bullish flame when the shorts recover. What do you think?
My support zone is 1127-1133. I expect some buying from here. I made a private chart with key levels, you can watch them live:
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