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Gold price remains trapped inside the triangle pattern. The price has tested the upper triangle boundary several times and it got rejected each time. Despite the dollar strength, the Gold price did not break below the lower triangle pattern boundary either. If the dollar starts to weaken, we may see the final leg higher in Gold towards $1,310-20.
Green rectangles - support areas
Purple lines - bullish channel
The Gold price has resistance at $1,296 and support at $1,287. I believe it is more probable that we will see a break to the upside and a final leg towards the $1,310-20 area than a break down. Next support after $1,287 is found at $1,283 (lower channel boundary) and the next one is at the green support area of $1,279-76. Breaking below this area will open the way towards $1,272 where the 38% Fibonacci retracement of the upward move from $1,232 is found. The medium-term trend remains bullish in Gold as long as we do not break below the $1,250-40 area. The longer-term target remains at $1,350-60.
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