Gold remains in triangle
Gold continues to trade within a symmetrical triangle formation, with price currently sitting around the middle of that pattern, finding support on the $1346 mark. Given the fact we are seeing this price return from the upper echelons of the pattern, a break below $1346 seems the most likely eventuality, for a move back into trendline support around $1342. However, an hourly close above $1353 would point towards another move towards the top end of the pattern,
Ultimately, we are awaiting a breakout from this wider triangle, which is expected to be bullish given the substantial rally seen so far in 2016. As such it pays to be long at the bottom of this pattern to play with both the current and long-term trend in play.