Symmetrical triangle on gold

Gold has been forming a symmetrical triangle on the daily chart between the 1312 zone and the 1375. Usually, the symmetrical triangle formation acts as a continuation pattern. It is a “resting area” from where the price continues in the direction it was coming from. Due to the fact that the price has a bullish trend coming into the formation, the price has a higher probability of breaking to the upside, especially when inside the triangle we can see that during the last drop, the price could not reach the lower trendline of the triangle. That type of movement is telling us that the buyers have come into the market and are taking the price higher. We still have to wait and see in which direction the price breaks out, since it may go in any direction.