Consolidation on Gold

Gold has been consolidating lately and on the daily chart we can see that the instrument has made what it appears to be a symmetrical triangle. The formation could act as a continuation pattern, but the price may break out in any direction. There is a higher probability of having a bullish breakout on this case, due to the fact that the trend coming into the formation is bullish. If the price of gold breaks above the 1344 level, then its next resistance could be the 1357 level. To the downside, below the 1326 level, its next support could be the 1300 level where we can also find the 55 day exponential moving average. The 200 day EMA around the 1276 level could also act as a good support level.