Gold Remains In Break Out Territory

The Chart below plots the hourly price structure of Gold over the last 14 trading days. After breaking resistance at USD 1244, the metal now consolidates above that important level, forming a consolidation triangle. A break out of this triangle to the upside would be firmly bullish and a clear sign that Gold is challenging its all time high of USD 1265. Long positions will only pose a problem if Gold falls below 1244 again. But for now, the set-up looks firmly bullish.