GOLD Long +3.35% Move 0.5 Fib Retrace play

Gold is sitting in a swing zone that was established firmly in May 2015 and has been a significant level ever since. I believe gold is at the tail end of this recent downswing, sitting on a significant level, and readying a retrace. My target is the 0.5 fib retrace of the most recent downswing: $1261.90. Gold also dipped into the oversold daily RSI twice in the last two weeks. I am not a fan of using RSI to dictate entry but this has been bullish for gold in the recent past.

Entry (8/8/18 close): $1221.0
Target (0.5 fib retrace of recent downswing): $1261.9
Stop Loss (Concise break of swing zone): $1189.3