XAU/USD - The Bigger Picture

Interesting setup on the weekly chart for XAU/USD with a long-term short, as you can see price is trading inside what appears to be a falling wedge or descending channel... And it has just bounced off the 200 EMA at $1258.

I'm currently short on this pair around $1248 after price formed a valid bearish 5-0 pattern (chart shown below).


Please feel free to leave your opinion below.