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Gold is trading within a symmetrical triangle pattern, as we move into the fourth day of consolidation. The bottom of this triangle comes at the 76.4% retracement, which means that at $1322 we could have a 3-to-1 risk to reward ratio for a move back into $1375 vs a move below $1305.
Ultimately, the breakout from this triangle will provide us with directional bias. A closed hourly candle above $1335 would provide a bullish view, with $1347, $1351 and $1375 the key resistance levels in view.
Conversely, an hourly close below $1322 would point towards another leg lower, with $1305 the next notable support level.