Gold continues to consolidate sideways. I expect this consolidation to break to the upside towards new highs soon. There is a triangle being formed, and we will have a clear picture of the breakout when it occurs.
Gold is trading inside the triangle pattern with support at $1,308 and resistance at $1,325. The price is above the Ichimoku cloud. The oscillators are turning lower from overbought levels, but we have no divergence signs. I remain longer-term bullish.
