Is the gold rally set to continue?

Looking at the daily chart provides us with a more granular picture, with the price currently challenging both trendline and Fibonacci resistance (76.4%). This gives us important detail, with the break below $1216 in early March providing a potential sign of weakness. Given that this was preceded by a higher high, the picture is somewhat murky until we either create a new lower high or higher high. That means we have to either reverse soon or break through $1264.

Crucially, given the wider perspective provided by the weekly chart, there is a good chance we will see a break through $1264, which would have significant bullish implications. Should that occur, a move towards the trendline resistance (currently $1300) would come into play. Alternately, should we reverse lower, it would likely come from this current resistance region, where a push to the downside would point towards a potential move back below $1195.

The hourly chart completes the picture, with the price attempting to break through this major resistance zone. Clearly, we have seen a bullish triangle fail to really push through resistance, with a subsequent push looking like it will also fall short.

Should we fail to break through $1250, we could at least be looking at a retracement of the rally from $1227, with the $1235 Fibonacci and previous peak of particular interest. An hourly close above $1250 could spark another strong leg higher, but the key things here is whether we break through $1264 and the implications it would have from a wider perspective.