Gold bearish in a downtrend channel

Gold has reached an institutional level at 1708 area and is preparing to move to the upside of the down trend channel.
According to the Fibonacci level 38.1 price may retrace to retest 70 Fib level before rallying to the up side forming head and shoulder pattern. Also RSI levels on daily timeframe are below 25 indicating over sold conditions.
Possible targets 1755 (38.1 fib level) and 1785.70 (after second point of entry at 1732.5).

Should gold break and close below institutional level we can then expect a retest of structure and after big moves to the downside