Symmetrical triangle on gold

While the Dollar was losing ground, gold got strengthen and managed to break decisively above the 1300 Dollars per ounce. On the daily chart of the precious metal we can see that the price made a high around the 1326 level and consolidated from there. Inside the consolidation a symmetrical triangle was formed. The symmetrical triangle is a continuation pattern, therefore there is a higher probability of seeing the price of gold heading higher, due to the fact that the trend coming into the formation is bullish. But the price may break in any direction and a bearish breakout is also possible. Above the 1326 level its next resistance could be the 1357 zone, where gold made a high on September of last year. Below the 1300 level, the 200 day EMA, which is currently around the 1272 level, could act as support.