Gold price continues the sideways consolidation inside the triangle pattern. Trend is neutral in the short-term as we wait to see the direction of the breakout. In my opinion, the most possible is breaking upwards above $1,298 and reaching my target of $1,330.
Red lines = triangle pattern
Gold price is inside a contracting triangle pattern. Soon we will see a breakout. The price is inside the cloud implying that the trend is neutral. Resistance is at $1,290 and $1,298. Support is at $1,272 and at $1,265. Breaking above $1,290 will increase the chances of breaking above $1,298 and to move towards $1,330. If support at $1,272 fails, the chances to reach $1,265 and even $1,220 will increase.
On the daily chart we observe Gold price although it remains above the Ichimoku cloud, it has broken below the tenkan-sen(purple line) support which is now at $1,290. A daily close below $1,290 will put the short-term bullish trend in danger and may push the price towards the tenkan-sen (yellow line) at $1,240.
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