XAUUSD - Bearish Engulfing

XAUUSD (GOLD) has formed a significant bearish engulfing pattern on the daily time frame. Price has now pulled back to allow a very low risk, high reward entry.
There is a very strong Bollinger Band squeeze which indicates that high volatility could come soon. Price appeared to make a fake break-out above the triangle.
A significant bearish engulfing candlestick, a very strong upper Bollinger Band out-break, and RSI divergence confirm this short trade setup.
A move down will confirm the start of a bearish impulse wave 3 due to the previous down-trend. Thin red lines are resistance levels, thicker red lines are support levels.
SL set above previous highs. TP set at strong support. 1:9 risk to reward ratio.

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Nearly identical short setup on Silver.

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The top of the fake out (bull-trap) is exactly at the 38.2% fib retracement level when using the candle bodies. I am expecting further downside.

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A bearish U.S. Dollar is driving gold slightly higher. Gold is still long-term bearish from a technical perspective. If we can see some strength in the DXY , I will expect further downside. For now, I will remain on the sidelines.

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SL hit for a small loss... I have re-opened the trade and adjusted the SL.
Silver is dropping quickly. I expect Gold to drop very soon.
Here is the new setup with the adjusted SL.